Annual Report 2022

2022 Highlights
Business Centres 1,270

177 Branches
1,093 Uposhakhas (Latest)
Deposit Assets
$ 375,584 m $ 465,273 m
+12.7% +14.6%
IFIC Aamar Bari Loans & Advances

$ 82,580 m $ 354,454 m
+45.3% +16.2%
IFIC Aamar Account Market

$ 106,027 m Capitalizaon
+25.4% $ 20,538 m
Operang Profit
$ 6,602 m
PBT PAT Total Equity
4,399 m 2,970 m $ 30,091 m
+11.0%
EPS NAV RoE
1.66 16.85 10.38%
Back to Content Annual Report 2022 1

2 Annual Report 2022 Back to Content
Table of
Contents
4 Annual Report 2022

Table of Contents
Raonale of the Cover Inner Front
2022 Highlights 01
02 Leer of Transmial
Vision
07
09
Mission 09
Ethical Principles Core Values 09
Code of Conduct 10
Business Ethics 11 Corporate Profile
HR Compliance 11 Corporate Profile 14
Strategic Priority 12 Global Corporate
10
Cauonary Statement Structure 15
Regarding Forward
Looking Statement 13
Milestones in the
Development 16 14
ESG
Informaon on Corporate Governance
Human Management 95 94
Composion of Board of Directors & its Commiees 19 Bank’s Sustainability through
Board of Directors 19 Tecehnological Advancement 96
Execuve Commiee of the Board 19 Report on Sustainable Finance 97
Audit Commiee of the Board 19 Corporate Social Responsibility 101
Risk Management Commiee of the Board 19
Group Photo of the Board of Directors 20
Directors’ Profile 22 Management Discussion
Deputy Managing Directors’ Profile 25 and Analysis
Senior Management Team (SMT) 26 Management Discussion and
Senior Management 27 Analysis 106 105
Chairman’s Message 28 Value Added Statement 111
Managing Director & CEO’s Review 32 IFIC Flagship Products & Services 113
Directors’ Report 36
Report of the Execuve Commiee of the Board 70
Report on the Acvies of the Audit Commiee
Branding and Promoonal
of the Board 72 Acvies
Report of the Risk Management Commiee Branding and Promoonal Acvies 115
of the Board 75 Media Highlights 118
Corporate Governance Pracces 77
Compliance Report on BSEC’s Noficaon 79
CEO and CFO’s Declaraon to the Board
Cerficaon of the Compliance Auditors
92
93
114
18
Annual Report 2022 5

Table of Contents
131
Market Discipline
Shareholders’ Informaon Market Discipline - Disclosures on
Risk-Based Capital 131
121 Directors’ Shareholding Status
Distribuon of Shareholding
122
122
Report on Risk Management
Products and Services
144
154
Five Years Performance of the Bank 123
Five Years Graphical Presentaon 125
Market Price Informaon 128
Financial Calendar 129 244
Dividend Distribuon Policy 129
Principles on Disclosure of BSI 129
Redressal of Investors’ Complaints 129 Financial Statements of the Subsidiaries
Glimpses of the 45th AGM 130
IFIC Securies Limited - Directors’ Report 245
Independent Auditors’ Report 246
Financial Statements Financial Statements 248
IFIC Investment Limited - Directors’ Report 262
155 Consolidated and Separate
Financial Statements 266
IFIC Money Transfer (UK) Limited -
Financial Highlights of the Bank 238
Report of the Directors 274
Financial Statements of
Off-shore Banking 240
281 Important Events

Important Events 282
Branch and Uposhakha Network
Branch Network of IFIC Bank PLC 288
Uposhakha Network of IFIC Bank PLC 295
Noce Parculars of Head Office and Branches of
Nabil Bank Limited, Nepal 335
Noce of the 46th AGM 347 Branch Network of Oman Exchange LLC,
Proxy Form 348 Oman 341
Noce
of the Head Office and Agents of
46th AGM IFIC Money Transfer (UK) Limited, UK 342
346 Global Network of Correspondent Banks 343
287
6 Annual Report 2022

Leer of
Transmial

All shareholders of IFIC Bank PLC
Bangladesh Bank
Bangladesh Securities and Exchange Commission (BSEC)
Registrar of Joint Stock Companies & Firms (RJSC & F)
Financial Reporting Council (FRC)
Dhaka Stock Exchange Limited (DSE)
Chittagong Stock Exchange PLC (CSE)
Annual Report for the year ended 31 December 2022
Dear Sir (s),

We are pleased to present before you a copy of the Annual Report 2022 along with audited Financial Statements including
consolidated and separate Balance Sheet as at 31 December 2022, Profit and Loss Account, Cash Flow Statement, Statement of
Changes in Equity and Liquidity Statement for the year ended on 31 December 2022 with the notes thereto of IFIC Bank PLC and
its Subsidiaries for your kind information and record.
Yours sincerely,
Mokammel Hoque, FCS

Company Secretary

Vision
At IFIC, we want to be the preferred financial service
provider through innovave, sustainable and inclusive
growth and deliver the best in class value to all
stakeholders.
Core Values
Integrity
Mission Upholding integrity in all that we do, always,
Our Mission is to provide service to our clients everywhere.
with the help of a skilled and dedicated workforce Fairness
whose creave talents, innovave acons and Striving to offer the best to our customers equitably
compeve edge make our posion unique in with transparency.
giving quality service to all instuons and
individuals that we care for.
Innovaon
Encouraging and nurturing creavity.
We are commied to the welfare and economic
Commitment
prosperity of the people and the community, for
Commied to excellence in customer service and
we derive from them our inspiraon and drive for
maximizaon of stakeholders’ value through teamwork.
onward progress to prosperity.
In an intensely compeve and complex financial
and business environment, we parcularly focus
on growth and profitability of all concerned.

Ethical Principles
Code of Conduct
IFIC Bank PLC emphasizes the competitors fairly and honestly z Employees and representatives of
importance of an effective code of through superior performance and IFIC Bank must realize that their
conduct and ethics policy for promotion never through unethical or illegal conduct outside the workplace
of fair and ethical practices by all the business practices. shall reflect the reputation of their
employees of the Bank. These codes place of employment.
are applied to all the employees of IFIC z IFIC Bank prohibits its employees,
Bank PLC and its subsidiaries to achieve without prior permission of the z In IFIC Bank, it ensures equal
the goals putting the public interest first. competent authority, to accept opportunity for all the employees.
These principles are delineated below: by him/herself, or permit any of
his/her family member to accept z Natural and climatic assurances
z As a financial institution, the any gift from any person that are two of the foremost squeezing
duty of IFIC Bank incorporates make him/her obligated in official global concerns of the time. All
obligation to its shareholders, position to the gift provider. of these are to be taken into
clients, community/society and consideration in all areas of
indeed commitment to the z IFIC Bank urges its employees lending/financing.
environment to protect the legal to be vigilant against any fraud,
benefits and interface of its theft or significant illegal activity
partners. committed within the office.
z IFIC Bank encourages its z IFIC Bank formulates Anti-Money

employees to protect and defend Laundering guidelines and ensures
the organization’s property best practices to take appropriate
following the operational and IT preventive measures against any
security manual, policy & guideline kind of fraud and money laundering
meticulously and to ensure and co-operate with other
information confidentiality of its Banks and relevant institutions,
clients with utmost security. establishments, and government
agencies for this purpose.
z In IFIC Bank, employees should
avoid all things that may cause z IFIC Bank ensures that its
conflict between their interests financial, tax and other reports
and duties & responsibilities as an and communications are genuine,
employee of the Bank. complete, and accurate and must
not be deceiving.
z All connections with outside
counterparties are conducted in z IFIC Bank implements zero
professional and fair-minded way. tolerance to violence in the
IFIC Bank seeks to outflank its workplace.

Business Ethics
IFIC Bank PLC believes that Business in accordance with the laws and Concern for Stakeholders
Ethics Practices provides a foundation regulations and will not assist, The Bank realizes the importance of
for the stability and sustainable growth encourage, or support any wrongful proper conduct to various stakeholders
of the Bank and supports the Bank’s transactions or activities. with appropriate co-operation
effort in achieving its stipulated goals. and mutual support. The Bank will
Good Management and effective &
The Bank, therefore, encourages all treat its customers, counterparties
efficient Internal Control
parties to conduct business and perform or competitors with mutual good
The Bank will put in place a good
their duties in accordance with this understanding and co-operation.
management system and risk
Business Ethics Practices:
management system for effective & Preservation of the Bank’s Reputation
Honesty & Integrity efficient internal control. The Bank will uphold a good reputation
The Bank will adhere to honesty & and will refrain from engaging in
Standards
integrity in conducting its business. any activity that may jeopardize its
The Bank will comply with various
reputation.
Compliance with Laws and Regulations standards which are generally acceptable
The Bank will conduct its business for conducting the banking business.
HR Compliance
IFIC Bank always complies with every HR Compliance helps the Bank to keep named as “AvBGdAvBwm e¨vsK Ggcøqx
applicable HR regulation for ensuring a track of the employees’ records, which k„•Ljv, AvPiY I Avcxj wewa” in line with
healthy work environment. As part of in turn keeps the employee contented, the law of the land that focuses on the
establishing a compliance culture across productive and safe. The Bank has quasi-judicial disciplinary proceedings
the organization, IFIC Bank strictly specific policies for every HR activity for handling all kind of misconducts
maintains HR compliance in all sphere of which covers Recruitment Policy, committed by any delinquent employee.
the organization. The Bank encourages Promotion Policy, Leave Policy, Transfer
the employee to abide by all its rules Policy, Performance Management
and regulations along with all applicable Policy, Compensation Policy, Reward &
laws of the land and promotes the same Recognition Policy, Retirement Policy,
through conducting continuous training Training Policy and others. Moreover,
programs. the Bank has separate disciplinary rules

Strategic Priority
To strive for sound business growth by ensuring customer sasfacon through quality and mely services;
To manage and operate the Bank in the most efficient manner to ensure the achievement of goals;
To maintain adequate capital flow to support further growth;
To ensure effecve and efficient risk management for sustainable business growth;
To diversify loan porolio through structured finance and expansion of Corporate, SME, Agriculture and Retail businesses;
To mount state-of-the-art technologies and adopt innovave ideas for financial inclusion;
To groom human resources for serving customers efficiently;
To increase brand visibility by creang a posive image of the Bank;
To be a trendseer in serving society and remain responsive to the environment;
To ensure sound corporate governance pracces;
To facilitate mobility in banking by up-gradaon of the Internet and Mobile Banking;
To add value for all stakeholders.

Cauonary Statement Regarding
Forward-Looking Statement
This Annual Report and Financial Statements for the year 2022 contains certain forward looking statements
are based on and include statements, about the Bank’s current esmates, intenons, beliefs, expectaons,
goals, strategies and projecons which are highly correlated on external factors, future events and
outcomes.
These forward-looking statements are not guarantees the future performance of the Bank as these
statements is based on the Management’s beliefs, assumpons and expectaons of future operaons and
economic performance, taking into account the informaon currently available to the Bank. These
forward-looking statements involve known and unknown risks, uncertaines and social, economic and
financial impact due to post covid-19 situaon and ongoing Ukraine and Russia war, which are not
currently known to the Bank that might cause actual results of operaons, performance or financial
condion to be materially different from the expectaons of future results, performance or financial
condions.
The Bank will not undertake any obligaon to publicly update or revise any of the forward looking
statements, contained in this Annual Report, regardless of whether those statements are affected as a
result of new informaon, future events or otherwise. The Bank may qualify any or all of the forward
looking statements by these cauonary factors.

Corporate Profile
Name of the Company Off-shore Banking Unit (OBU)

IFIC Bank PLC IFIC Bank PLC - OBU
Federa on Branch, FBCCI Building,
Legal Form 60 Mo jheel C/A, Dhaka
IFIC Bank PLC (Former Interna onal Finance Investment and Auditors
Commerce Bank Limited) was incorporated in Bangladesh M. J. Abedin & Co.,
and registered with the Registrar of Joint Stock Chartered Accountants
Companies & Firms as a public company limited by shares
Legal Adviser
Company Registraon Number Ahsanul Karim
C- 4967, Dated: 08 October 1976
Tax Consultants
Authorized Capital Adil & Associates
BDT 40,000.00 million
Credit Rang Agency
Paid up Capital Emerging Credit Ra ng Limited
BDT 17,859.109 million
Lisng Status Chairman

Listed with Dhaka Stock Exchange Ltd. (DSE) and Salman F Rahman MP
Chiagong Stock Exchange PLC (CSE) in 1986 and
1997 respec vely Vice Chairman
Ahmed Shayan Fazlur Rahman
Market Category
Managing Director & CEO
‘B’ Category
Mohammad Shah Alam Sarwar
Tax Payer Idenficaon Number (TIN) Head of ICC

135055865054 M. Mozibar Rahman
VAT Registraon Number Chief Financial Officer

19081167140 Dilip Kumar Mandal, FCA
Company Secretary
Business Idenficaon Number (BIN)
Mokammel Hoque, FCS
000136288-0208
Subsidiary Companies
IFIC Securi es Limited No. of Employees 5,020
IFIC Investment Limited
IFIC Money Transfer (UK) Limited No. of Branches 177
No. of Uposhakhas 1,090
Registered Office No. of Shareholders 55,817
IFIC Tower, 61 Purana Paltan
G. P. O. Box: 2229, Dhaka 1000 Investor Relaons
IP Phone No. 09666716250 (Hun ng) IFIC Tower (17th Floor)
Fax: 880-2-9554102, Swi¥: IFIC BD DH 61 Purana Paltan, Dhaka 1000
E-mail: [email protected] Hotline: 09666716250
Website: www.ificbank.com.bd

Global Corporate Structure
cture
A fully owned subsidiary A fully owned subsidiary

in Bangladesh in Bangladesh
A fully owned subsidiary Nabil Bank Limited

in the United Kingdom
A joint-venture commercial Bank in Nepal
* As a part of withdrawal of investment from Nepal,
Nepal Bangladesh Bank Limited was merged with Nabil Bank Limited.
Selling of enre shares and repatriaon of fund are in process.
Oman Exchange LLC MCB Bank Limited

A joint venture exchange company in Oman A commercial Bank in Pakistan

Milestones in the Development
Established as an Investment & Finance Company under arrangement of joint venture

1976
with the Govt. of Bangladesh.
1980 Commenced operaon in Foreign Exchange Business in a limited scale.
Obtained permission from the Govt. to operate as a commercial Bank.

Set up its first overseas joint venture (Bank of Maldives Limited) in the Republic of Maldives
1982 (IFIC's share in Bank of Maldives Limited was subsequently sold to the Govt. of Maldives in
1992).
1983 Commenced operaon as a full-fledged Commercial Bank in Bangladesh.
Set up a joint venture Exchange Company in the Sultanate of Oman, tled Oman Bangladesh
1985 Exchange Company which was subsequently, renamed as Oman Exchange LLC.
1987 Set up its first overseas branch at Karachi in Pakistan.
1993 Set up its second overseas branch at Lahore in Pakistan.
1994 Set up its first joint venture in Nepal for banking operaon, tled Nepal Bangladesh Bank Limited.
Set up its second joint venture in Nepal for lease financing, tled Nepal Bangladesh Finance &
1999 Leasing Co. Limited (Which was merged with NBBL in 2007).
Set up a new Bank in Pakistan, NDLC-IFIC Bank Limited through merger and amalgamaon of
2003 the Overseas Branches of IFIC with the local leasing company, NDLC. Subsequently renamed as
NIB Bank Limited and which was again merged with MCB Bank Limited in 2017.
Acquired MISYS soluon for real me online banking applicaon. Core Risk Management
2005 implemented.
Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Pre-paid
2007 by 2010).
2010 Set up its Off-shore Banking Unit (OBU).
Established a fully owned subsidiary exchange company named IFIC Money Transfer
2011 (UK) Limited.
2012 Inauguraon of the 100th Branch at Tejgaon-Gulshan Link Road in Dhaka.
2013 Achieved the Landmark of BDT 10,000 crore in Deposits.

2014 Launched IFIC Mobile Banking Service.
2015 Crossed the Landmark of BDT 20,000 crore in Foreign Trade Business.
2016 Inauguraon of IFIC Tower at 61 Purana Paltan, Dhaka.
Launched an innovave product IFIC Aamar Account, combining benefits of current & saving
accounts, FDR, credit cards etc.
2017 Became market leader in Home Loan product under retail banking segment.
Introduced One Strop Service model in the branches for the first me in Bangladesh.
IFIC Home Loan outstanding crossed the amount BDT 2,911.40 crore.
2018 IFIC Aamar Account balance stood at BDT 1,456.49 crore with a total of 99,399 nos. Accounts.
Established 35 Uposhakhas across the country.

2019 Launched IFIC Aamar Bank (Digital Banking Plaorm).
Launched IFIC Shohoj Account to expand financial inclusion.
Number of Branches crossed 150 and number of Uposhakhas around the country stood at 285.
IFIC Home Loan sanconed amount BDT 61,061.92 Million as of 31 December 2020.
2020 Launched IFIC Shohoj Rin.
Formaon of IFIC Investment Limited for merchant banking operaons.
Number of Branches crossed 160 and number of Uposhakhas around the country stood at 785.
2021 IFIC Home Loan sanconed amount BDT 61,061.92 Million as of 31 December 2021.
Launched IFIC Shohoj Rin.
2022 Inauguraon of the 1000th Uposhakha at Meherpur.

Informaon on
Corporate
Governance

Composion of
Board & its Commiees
Board of Directors
Chairman/Chairperson
Salman F Rahman MP
Vice Chairman/Vice Chairperson
Audit Commiee
Directors of the Board
A. R. M. Nazmus Sakib
(Nominee Director) Chairman/Chairperson
Rabeya Jamali
Rabeya Jamali
(Independent Director) Members
Sudhangshu Shekhar Biswas Sudhangshu Shekhar Biswas
(Independent Director) Md. Zafar Iqbal, ndc
Quamrun Naher Ahmed Secretary to the Commiee
(Govt. Nominated Director) Mokammel Hoque
Md. Zafar Iqbal, ndc
(Govt. Nominated Director)
Md. Golam Mostofa
(Govt. Nominated Director) Risk Management
Managing Director & CEO Commiee of the Board
Company Secretary Chairman
Mokammel Hoque Md. Zafar Iqbal, ndc
Members
Rabeya Jamali
Execuve Commiee Quamrun Naher Ahmed
Md. Golam Mostofa
of the Board
Secretary to the Commiee
Mokammel Hoque
Chairman
Members
Quamrun Naher Ahmed
Md. Golam Mostofa
Secretary to the Commiee

Mokammel Hoque

From Le
Mohammad Shah Alam Sarwar Quamrun Naher Ahmed Ahmed Shayan Fazlur Rahman Salman F Rahman MP
20
Managing Annual Report
Director & CEO2022 Govt. Nominated Director Vice Chairman/Vice Chairperson Back to Content
From Le
Md. Zafar Iqbal, ndc Rabeya Jamali Sudhangshu Shekhar Biswas Md. Golam Mostofa A. R. M. Nazmus Sakib
Back to Content
Govt. Nominated Director Independent Director Independent Director Annual Report
Govt. Nominated Director Nominee 21
2022 Director
Directors’ Profile
Mr. Salman F Rahman, MP is an eminent business personality of the country. He is the Vice-
Chairman of BEXIMCO Group - the largest private sector group in Bangladesh. Founded in
1970 as a commodities trading company, the Group now has operations and investments
across a wide range of industries including textiles, trading, marine food, real estate
development, hospitality, construction, information and communication technologies,
media, ceramics, aviation, pharmaceuticals and energy.
Mr. Rahman is the Honourable Member of the Parliament from Dhaka-1 Constituency
(Dohar and Nawabganj upazilas) and also an Adviser to the Prime Minister for the
Private Industry and Investment sector in the rank of a Cabinet Minister without any
financial perks.
He was the President of the SAARC Chamber of Commerce & Industry, FBCCI, MCCI,
BTMA, and Bangladesh Association of Publicly Listed Companies. Currently, he is the
Chairman of IFIC Bank PLC and Abahani Limited. He is also the Chairman of the Board
of Governors of Bangladesh Enterprise Institute. He is associated with many social and
charitable organizations.
Salman F Rahman MP
Mr. Ahmed Shayan Fazlur Rahman is the eminent young businessman represents the Beximco
Group as Advisor to the Board of Directors, the largest conglomerate in Bangladesh. He
has completed his BBA with distinction from American University, Washington DC, USA.
Mr. Rahman has 12 years of expertise in the various sectors like Pharmaceuticals, Fuel,
Power & Energy, Textile, ICT & Telecom, etc. He plays a vital role in advising the Group in
formulating current business strategies as well as future growth potentials. Mr. Rahman
is the son of Mr. Salman F Rahman, Vice Chairman and founder of the Beximco Group.
Mr. Rahman is also instrumental in working with various international organizations
and supporting charities both locally and internationally for the development of autism
and other world issues. He is a Counselor of the Abahani Limited, the largest sporting
club in Bangladesh. Being a great sports fan and advocate of promoting various sports
in Bangladesh, Mr. Rahman has been instrumental in acquiring 100% of the Dhaka
Dynamites franchise for the Bangladesh Cricket Premier League (BPL).
Mr. Rahman is the Chairman, Advisory Committee for Bangladesh, Prince of Wales Trust,
British Asian Trust’s Bangladesh. He is also Honorary Consul General of the Republic of
Kazakhstan in Bangladesh and Member, Executive Committee, SAARC Youth Chamber.
He is appointed as a Director to the Board of IFIC Bank PLC as the representative of
M/s. New Dacca Industries Limited and currently, he is the Vice Chairman of the Bank. Vice Chairman/Vice Chairperson
Mr. A. R. M. Nazmus Sakib is a Director to the Board of IFIC Bank PLC representing M/s.
Tradenext International Limited.
Mr. Sakib did his post-graduation in Botany and also obtained M.Sc. degree in
Development Finance.
Mr. Sakib is the Chairman of the Executive Committee and a member of the Risk
Management Committee of the Board of Directors of IFIC Bank PLC. He is the Director
of Nabil Bank Limited, Nepal and IFIC Money Transfer (UK) Limited, UK. He is the
Director of IFIC Investment Limited and also serves as the Director of Oman Exchange
LLC, the Bank’s joint venture operation in the Sultanate of Oman.
Director

Ms. Rabeya Jamali is an Advocate of the Supreme Court of Bangladesh and also a Partner
of Jamali & Morshed. She did her LL.B. (Honours) from the University of Dhaka, Dhaka,
Bangladesh and LL.M. in Banking and Financial Law from the Boston University School of
Law, Boston, MA, USA. She attended various workshops, seminars and conferences both
at home and abroad. She is a member of the Bangladesh Supreme Court Bar Association.
Ms. Jamali has core expertise in Commercial Contracts, Construction Contracts, Joint
Ventures and SPV for infrastructure development projects, Private Public Partnership
(PPP) Projects, Telecommunication related infrastructure, Power and Energy, Company
Law, Financial and Banking Laws, Securities Laws and related Arbitration.
Ms. Jamali is the Chairman/Chairperson of the Audit Committee and a member of the
Risk Management Committee of the Board of Directors of IFIC Bank PLC. She is the
Director of IFIC Money Transfer (UK) Limited, UK and IFIC Investment Limited.
Rabeya Jamali
Independent Director
Mr. Sudhangshu Shekhar Biswas is a former Additional Secretary to the Government of the
People’s Republic of Bangladesh. He is appointed as an Independent Director for the first term
of three years with effect from 18 July 2021.
Mr. Biswas did his Honours and Masters in Economics from Rajshahi University. He also
did a Certificate Course on Government Budgeting, Accounting & Auditing from CIPFA,
London, UK.
He attended various international trainings, seminars and workshops on Public
Private Partnership Course, Professional Development, Budgeting & Accounting
System, Economic Development, Administration and Development, Local Government
Development, Livestock Development Program held in USA, Canada, Australia, China,
Singapore, Vietnam, Philippines and Thailand.
Mr. Biswas is a member of the Audit Committee of the Board of Directors of IFIC Bank
PLC. He is the Director of IFIC Securities Limited, IFIC Money Transfer (UK) Limited, UK and
also an Alternate Director of Oman Exchange LLC, a joint venture operation of the Bank in
the Sultanate of Oman.
Sudhangshu Shekhar Biswas
Independent Director
Ms. Quamrun Naher Ahmed, a former Additional Secretary of the Government, was
nominated as a Director to the Board of IFIC Bank PLC on 30 March 2016 by the Ministry
of Finance, Government of the People’s Republic of Bangladesh.
Ms. Ahmed did her Honours and Masters in Economics from the University of Dhaka.
She also obtained an M. Phil degree in Social Change from the University of Science and
Technology, Norway. She attended various Training, Seminars and Conferences both at
home and abroad.
Ms. Ahmed is the member of the Executive Committee and the Risk Management
Committee of the Board of Directors of IFIC Bank PLC. She is the Chairman of IFIC
Securities Limited. She is the Director of IFIC Money Transfer (UK) Limited, UK.
Quamrun Naher Ahmed

Director

Mr. Md. Zafar Iqbal, a former Additional Secretary of the Government of the People’s Republic of
Bangladesh. He was nominated as a Director to the Board of IFIC Bank PLC on 10 March 2020 by
the Ministry of Finance, Government of the People’s Republic of Bangladesh.
Mr. Iqbal did his Honours and Masters in Accounting from the University of Dhaka. He
also did his MBA with major in Finance from IBA of the University of Dhaka. Besides, Mr.
Iqbal did his Graduate Certificate Course in Development Economics from the Australian
National University, Canberra and completed his Masters in Economics from the University
of Wollongong, New South Wales, Australia. He also completed his NDC Course from the
National Defense College, Dhaka.
Mr. Iqbal has wide-ranging experience in organizing and attending national and international
seminars, trainings, workshops on public administration & management, disbursement,
harmonization, effectiveness and management of development assistance, good governance,
innovation and change management held in the UK, Japan, India, Thailand and Singapore.
Mr. Iqbal is the Chairman of the Risk Management Committee and a member of the Audit Committee
of the Board of Directors of IFIC Bank PLC. He is the Chairman of IFIC Investment Limited. He is the
Director of IFIC Money Transfer (UK) Limited, UK and an Alternate Director of Oman Exchange LLC, a
Md. Zafar Iqbal, ndc joint venture operation of the Bank in the Sultanate of Oman.
Director
Mr. Md. Golam Mostofa is an Additional Secretary to the Ministry of Finance, Government
of the People’s Republic of Bangladesh. He was nominated as a Director to the Board
of IFIC Bank PLC on 11 October 2021 by the Ministry of Finance, Government of the
People’s Republic of Bangladesh and the effective date of his joining on the Board is 21
October 2021.
Mr. Mostofa did his Honours and Masters in Economics from Dhaka University. He
also did his MBA with major in Finance from Northern University Bangladesh. He
participated in various training courses both at home and abroad.
Mr. Mostofa is the member of the Executive Committee and the Risk Management
Committee of the Board of Directors of IFIC Bank PLC. He is the Director of IFIC Securities
Limited and IFIC Money Transfer (UK) Limited, UK.
Md. Golam Mostofa

Director
Mr. Mohammad Shah Alam Sarwar joined IFIC Bank PLC as Managing Director on 02 December
2012. He started his career as a Management Trainee of ANZ Grindlays Bank in 1982. Over
the last 39 years in banking, Mr. Sarwar’s career evolved as a well-rounded banker with
adequate exposures in General Management, Client Coverage, Corporate Banking, Risk
Management, Operations and IT Management.
He has core expertise in the creation of New Lines of Business, Process Re-engineering,
Strategic and Change Management. He has got optimum exposure & training in all
areas of Banking from Australia, USA, UK, Hong Kong, UAE, Singapore, Sri Lanka
and Pakistan. He is a Six Sigma Black Belt holder and certified in Credit Accreditation
Process, International Trade Skill Assessment, Credit Skill Assessment and Credit in
Context Course.
Earlier he sat on the Board of Grameen Bank as a Director nominated by the Government
of Bangladesh and held various senior management positions in multinational and private
commercial banks such as Trust Bank Limited, Premier Bank Limited and Industrial Promotion
& Development Company of Bangladesh Ltd., United Commercial Bank PLC, American Express
Bank Ltd., Standard Chartered Bank and ANZ Grindlays Bank.
With a distinctive academic record, he holds graduation with Honours and post-
Managing Director & CEO
graduation degree in Economics from the University of Dhaka and an MBA degree from
the Victoria University, Australia. He is a gold medal recipient as the best all-round cadet
of the Faujdarhat Cadet Collage and a National Debate Champion.

Deputy Managing Directors’ Profile
Mr. Shah Md. Moinuddin has been holding the position of Deputy Managing Director and
Chief Credit Officer since 14 February 2022. Prior to assuming the current position, he
served as the Head of International Division for the last 7 years. He is also assigned with
the responsibility to act as the Chief Risk Officer (CRO) and Bank’s Spokesperson as well.
He joined the Bank on 16 July 1986 as a Probationary Officer. During his long association
with IFIC Bank for about 37 years, Mr. Moinuddin has shown his credibility as a dynamic
leader, and also held senior management positions in core areas of banking. While
posted in the branches, he worked in various capacities including holding the position
of Branch Manager of Principal Branch and Federation Branch.
Mr. Moinuddin did his graduation and post-graduation from the University of Dhaka in
Accounting.
Shah Md. Moinuddin

DMD & Chief Credit Officer
Mr. Md. Nurul Hasnat has been holding the position of Deputy Managing Director and Chief
Business Officer (Corporate) since 01 January 2018. He joined the Bank on 27 February
2013 as an Executive Vice President.
Mr. Nurul Hasnat has 34 years long banking experience which started with BCCI in
February 1989. He also served in Eastern Bank, South East Bank and Trust Bank in
various capacities.
In IFIC Bank, he served as Branch Manager of Principal Branch, Federation Branch and
Gulshan Branch and made notable contribution to their business portfolio.
Mr. Hasnat did his post-graduation in Human Resource Management and also completed
specialized courses on International Trade from the School of Finance, UK.
Md. Nurul Hasnat

DMD & Chief Business Officer (Corporate Business)
Mr. Syed Mansur Mustafa has been holding the position of Deputy Managing Director and
Head of International Division since 14 February 2022. Prior to assuming the current
position, he served as the Chief Credit Officer for the last 4 years. He is also assigned
with the responsibility to act as the Chief Anti Money Laundering Compliance Officer
(CAMLCO) of the Bank.
He joined the Bank earlier on 06 April 2015 as a Senior Executive Vice President. He
started his career as a Probationary Officer of AB Bank Ltd. in 1996 and also served in
Trust Bank.
Mr. Mustafa did his MBA with major in Finance from the Institute of Business
Administration and also did his post-graduation in International Relations from the
University of Dhaka.
Syed Mansur Mustafa

DMD & Head of International Division

Mr. Md. Monitur Rahman joined the Bank on 30 August 2018 as Deputy Managing Director
and Chief of Operations & Information Technology.
Mr. Rahman has 28 years long working experience with the Standard Chartered Bank
and National Board of Revenue. His core expertise is in Technology and Operational
Governance, Infrastructure Development, Project Management, and Service Quality for
the Customers.
Mr. Rahman did his MBA with major in Finance from the North South University,
and also graduated in Electrical & Electronic Engineering (EEE) from the Bangladesh
University of Engineering and Technology (BUET).
Md. Monitur Rahman

DMD & Chief of Operations & IT
Mr. Gitanka Debdip Datta has recently joined IFIC Bank PLC as Deputy Managing
Director and Chief Business Officer (SME & Retail).
Prior to joining IFIC Bank, Mr. Datta has spent over 27 years of his career with
ANZ Grindlays Bank, Standard Chartered Bank, Mastercard Bangladesh and HSBC
Bangladesh where he held various Business leadership positions. He started his
banking career in 1995 with ANZ Grindlays Bank as a Management Trainee, and he has
also worked as a Consultant for Maldives Islamic Bank to develop their Digital Banking
& Payments Strategy.
Mr. Gitanka holds an MBA from Institute of Business Administration (IBA), University of
Dhaka.
Gitanka Debdip Datta

DMD & Head of SME, Retail & Digital Banking
Senior Management Team (SMT)
1. Mohammad Shah Alam Sarwar Managing Director & CEO Chairman

2. Shah Md. Moinuddin DMD & Chief Credit Officer Member
3. Md. Nurul Hasnat DMD & Chief Business Officer (Corporate Business) Member
4. Syed Mansur Mustafa DMD & Head of Internaonal Division Member
5. Md. Monitur Rahman DMD & CoIT Member
6. Gitanka Debdip Daa DMD & Head of SME, Retail & Digital Banking Member
7. K. A. R. M. Mostofa Kamal Head of Human Resource Management Member
8. Md. Rafiqul Islam Head of Branch Business Member
9. M. Mozibar Rahman Head of Internal Control & Compliance Member
10. Hossain Shah Ali Chief Manager, Principal Branch Member
11. Dilip Kumar Mandal Chief Financial Officer Member
12. Mokammel Hoque Company Secretary Member Secretary
13. S. M. Alamgir Hassan Head of Legal Affairs Member

Senior
Management
Managing Director & CEO Senior Vice President
Mohammad Shah Alam Sarwar Sohel Mahmud Zahiduzzaman

Md. Nazmul Haque Talukder
Mokammel Hoque
Deputy Managing Director
Shah Md. Moinuddin First Vice President

Md. Nurul Hasnat
Syed Mansur Mustafa Md. Ali Imam Khan
Md. Monitur Rahman Md. Selim Talukder
Gitanka Debdip Daa Humaira Parveen Runi
Mohammed Mizanur Rahman
Tagore Lakshaman Chandra Ghosh
Senior Execuve
Vice President S. M. Alamgir Hassan
Morshed Ali
Khan Abu Roushan Mohammad Mostofa Kamal Tauheed Mahmud Hussain
Md. Rafiqul Islam A. K. M. Zahirul Islam
Iqbal Parvez Chowdhury
M. Mozibar Rahman
Hossain Shah Ali Vice President
Dilip Kumar Mandal
Abul Kashem Md. Fazlul Kader Ahmed Sayeed
Nazmun Nahar Begum
A. B. M. Mohsin Kamal Molla
Execuve Vice President Mohammad Rakibul Islam
Md. Nazimul Hoque
Ferdousi Begum Omar Sharif
Helal Ahmed Muhammed Shafiquzzaman
Md. Zulfiquer Ali Chakder Shahina Akhter
Syed Hassanuzzaman Md. Abul Kalam Azad
Md. Toufiq-E-Elahi Choudhury Momenina Binte Muksood
Md. Abdullah Al Masum Taslima Akter
Mohammad Mahmood Naimur Rahman
A. T. M. Raziur Rahman Abdur Rahman
Mohammad Sahin Uddin Asraful Alam Biswas
Md. Abdul Kadir

Chairman’s
Message

Dear Shareholders,
Assalamu Alaikum, The Annual Report 2022 includes, 5.29% respectively. The revised revenue
among other things, the Directors’ mobilization target was set at Tk.
On behalf of the Board of Directors
Report on the Financial Statements 3,89,000 crore, with revenue from NBR
of IFIC Bank PLC, I welcome you all
& Internal Control, the Financial sources (9.78% of GDP), tax revenue
to the 46th Annual General Meeting
Statements as of and for the year from non-NBR sources (0.40% of GDP)
of the Bank and took the privilege of
ended 31 December 2022 as well as and non-tax revenue (1.10%).
presenting to you the Annual Report and
the Auditors’ Report is already in your
Audited Financial Statements for the The budget deficit was 4.7% and 4.3%
hands. This Annual Report also includes
year 2022. respectively, with an actual budget
a brief overview of the forward-looking
deficit of 5.1% of current fiscal year.
First and foremost, I would like to initiatives we launched during the
Bangladesh’s export growth is on a
express my gratitude to the Honorable year 2022, many of which have been
positive trend with total export earnings
Prime Minister of the People’s Republic prioritized since the early days of my
increasing /increased by 35.14% and
of Bangladesh, Sheikh Hasina, the most chairmanship.
total import payments increasing/
dynamic and versatile policymaker of
increased by 43.84%. The current
the world in the present time, for her
account balance showed a deficit of US$
massive development & continuous GDP growth reaching 12,834 million due to expansion of trade
contribution towards the economy of
7.25% in
deficit and a fall of workers’ remittances,
the country, notably the successful
while the surplus of capital account
inauguration of the Padma Multipurpose
balance and financial account balance
Bridge over the Padma River. Since
independence, it is the most significant FY 2021-22 which was both increased due to term loans
received from the global development
and memorable event in Bangladesh’s 6.94% in FY 2020-21 partner agencies. The foreign exchange
development history. It is the longest
reserve stood at US$ 46 billion at the
railroad bridge ever built on the Asian
end of February 2022, and the exchange
continent vis-a-vis the 25th longest and
one of the world’s few unique bridges. Economic outlook rate of Taka depreciated by 1.9% against
US dollar.
It ushered in a new age of progress in The global economy is recovering from
Bangladesh which is poised to achieve the COVID-19 pandemic, but the war The Government of Bangladesh has
developed-country status within a short in Ukraine has caused supply chain adopted short, medium and long-term
period of time. disruption and a rise in commodity action plans to maintain food security.
In 2022, Bangladesh achieved 100% prices. International organisations have To increase agricultural production, Tk.
electricity coverage when Prime Minister revised their forecasts for economic 9,500 crore was allocated for subsidizing
Sheikh Hasina inaugurated the country’s growth prospects and inflations, with fertilizers and other agricultural
largest thermal power plant (Payra 1320 the UN forecasting a 5.5 percent growth activities. To overcome the shock of
MW) using ultra-supercritical technology in 2021 and a 4.0 percent growth by COVID-19, the GOB has provided
in Patuakhali. Bangladesh’s capacity for 2023. However, growth rates between incentive packages to its industry sector,
electricity generation has increased from advanced and emerging and developing such as, special fund for export-oriented
300 MW at the time of its independence economies are expected to be divergent, industries, working capital for the
to 25,514 MW now, surpassing India and with advanced economies expected to affected industries and service sector
Pakistan in providing electricity coverage decline from 5 percent in 2021 to 3.8 institutions, working capital to SMEs,
to its population. The Payra Deep Sea percent in 2022 and 2.3 percent in 2023 and credit guarantee schemes for SMEs.
Port is a significant infrastructure project respectively. For vulnerable economies, The capacity of power generation
in Bangladesh, with the potential of output of fragile and conflict-affected reached 22,066 megawatts in January
adding positive impact on the national economies is expected to remain 4 2022, with 25,284 megawatts including
economy. The Sea Port is expected percent below its pre-pandemic trend, renewable energy and captive powers.
to facilitate increased export-import and the World Economic Outlook (WEO)
To meet the growing demands for
handling capacity and will generate new April 2022 and 2023 projections are 0.8
natural gas and fuel oil, the highest
employment as well, thus, enabling the and 0.2 percentage points lower than in
emphasis is given on diversification
nation to develop into a regional hub for the January 2022 WEO update. Global
of energy sources, particularly coal,
expansion of trade and commerce. So growth is forecast to decline to 1.6
LNG, dual fuel, atomic and renewable
far, the port has generated a revenue percent over the medium term beyond
energy. Bangladesh has made significant
of BDT 3.54 billion from conducting 2023 due to disruptions to the global
progress in poverty mitigation due
a restricted range of import-export commodity prices and sluggish economic
to the government’s efforts and the
activities. activities.
successful execution of public and
The introduction of metro rail in Bangladesh’s economy has grown private development activities. FDI was
Bangladesh on December 28, 2022 is a significantly over the past decade, US$ 1,803.4 million in FY 2021-22
milestone and a new feather added to with GDP growth reaching 7.25% in wherein 763 projects were registered
the crown of Bangladesh’s development FY 2021-22 which was 6.94% in FY under joint-venture investment, 454
history. It is the first ever sky train in the 2020-21. Consumption increased to business institutions were ongoing with
history of the country which would help 78.44%, gross investment was 31.68%, production in 8 EPZs, and 77 industries
ease traffic in one of the world’s most and public investment and private were in the process of operation. A
densely populated and congested cities. investment accounted for 7.62% and master plan for coming 20 years is under
With its launch, Bangladesh has become 24.06% of GDP respectively. Inflation preparation to maintain environmental
the third country in South Asia to have was 5.56%, with food and non-food sustainability and achieve self-sufficiency
metro rail following India and Pakistan. inflation accounting for 5.73% and in forest resource.

Although the geopolitical crisis and of an additional 2% provision against (NBR) has recognized IFIC Bank
Coronavirus epidemic appeared to be clients who availed Covid-19 facilities PLC as the bank with the largest
the end of the world, the bank managed and maintained additional provision Value Added Tax (VAT) payer for
to rise with newfound vigor. As the based on the Bangladesh Bank’s the fiscal year 2020–21.
Chairperson of the Board, it brings qualitative judgment. Overall provision
Employment Generation
me great pleasure to share with you climbed by 126% year on year, putting
Now-a-days, youth between the ages
the resilience and adaptability that the pressure on distributable profits. The
of 15 and 30 make up around 30%
bank has shown in the face of adversity Board of Directors proposed a 5% equity
of the country’s total population.
while achieving the corporate goals of dividend for 2022. Profit per share (EPS)
Approximately, one third of the
providing excellent services. climbed to BDT 2.32 from BDT 1.75 the
young people are unemployed. The
previous year.
fact is that 50% of them have
Awards & Recognitions advanced degrees which is alarming.
In the backdrop of The last year was remarkable for our Nevertheless, the Corona pandemic
the pandemic and bank with notable accomplishments and
milestones. Our dedication to provide
has left many individuals unemployed
which has increased the unemployed
economic recession exceptional customer services earned population. Every country has some
scenario, where other us the endorsement from the world’s
top financial institutions and the highest
level of unemployment whether it is a
prosperous or impoverished one. Yet in
banks are cutting back customer satisfaction ratings for a our country, a lot of people attribute the
on hiring and even banking company. We take great pride
in having won the confidence of our
unemployment rate to the larger than
average number of job seekers.
firing employees to stay customers for delivering extraordinary
In the backdrop of the pandemic and
afloat during difficult banking services to them. A few of
the accomplishments are highlighted
economic recession scenario, where
times, IFIC, the only hereunder:
other banks are cutting back on hiring
and even firing employees to stay afloat
Bank in Bangladesh, z IFIC Bank has achieved during difficult times, IFIC, the only
internationally recognized ISO Bank in Bangladesh, recruited a good
recruited a 27001:2013 certification for its
Information Security Management
number of employees as part of taking
a more socially responsible approach by
good number System (ISMS).
The National Board of Revenue
creating employment opportunities. This
indicates that the bank was concerned
of employees
z
(NBR) has recognized IFIC Bank as not just with its own profitability but
one of the largest taxpayers in the also with the influence it may have on
society. By offering job opportunities,
as part of taking a more banking sector for the fiscal year
2021-22 at the Large Taxpayers the bank has been contributing to the
socially responsible Unit (LTU). community’s general well-being and
assisting those who may have been
approach by creating z The “2022 US Dollar Clearing
struggling to make ends meet during the
MT103” Elite Quality Recognition
employment Award has been given to IFIC Bank
epidemic.
opportunities. PLC by JP Morgan Chase & Co., a
multinational American investment
and financial services holding These Uposhakhas
Bank’s Performance corporation with its headquarters serve as a direct link
in the New York.
Financial Highlights
IFIC Bank has obtained a
between the bank and
Although COVID-19 made the year z
2022 year challenging for everyone, yet prestigious certificate complying the customers, thus,
the bank adopted effective measures to with the PCI-DSS compliance
standard. PCI DSS is a security
making it easier for
respond to the challenge and eventually
was able to shift the business to new standard for organizations that them to access banking
heights. The bank maintained financial store, process, and transmit
cardholder data. It was developed
services
integrity in exchange for work done
throughout the year. The bank was well
on track to generate a strong financial
by the Payment Card Industry Data
Security Standards Council (PCI without
the need to
performance which indicates a higher SSC) to secure credit and debit
level of prudence and firm commitment card transactions and prevent card
travel long
as well as the depth of enthusiasm and data fraud.
perseverance. z IFIC Bank has achieved the
IFIC registered an outstanding
performance in 2022, raising operating
milestone of establishing 1,000
Uposhakha first of its kind in distances.
profit by 51% and net profit by 33%. Bangladesh when it inaugurated a
This was attributable to lower deposit new Uposhakha with the state-of- Reaching the “Last Mile” of Unbanked
costs, increased non-funded business the-art banking technology at the Population
and income, and capital gains from historical Mujibnagar, Meherpur on The United Nations Sustainable
Treasury business. The bank also met 26 November 2022. Development Goals (SDGs) and the
Bangladesh Bank’s provision requirement z The National Board of Revenue World Bank (WB) both have identified

financial inclusion as the key driver of
sustainable economic growth. According The bank undertook Vote of Thanks
to the WB, 53.0% of individuals in
Bangladesh are included in the formal several projects to On behalf of the Board, I would like
to express our heartfelt gratitude
financial infrastructure while the number
strengthen its
to the Government of Bangladesh,
of bank accounts and credit cards is
Bangladesh Bank, Bangladesh Securities
20.0%. The Bangladesh government has
IT governance
and Exchange Commission, and
clearly expressed its objective to create
other regulatory authorities as well as
social cohesion and stability through
various financial institutions, banks
enabling access to and use of excellent
financial services for all in a historic structure and controls. & correspondents in Bangladesh and
around the world for their continued
2021-2026 National Financial Inclusion To guarantee data support and guidance.
Plan.
safety and integrity, My heartfelt gratitude also goes to the
Expanding financial inclusion has been
a priority during my tenure as the the bank had Managing Director & CEO Mohammad
Shah Alam Sarwar, the Management
Chairman of the Bank. The epidemic
has heightened the importance of
bolstered existing Team and the whole IFIC Team for
increasing access to financial products cybersecurity, anti- making 2022 a year of steady progress
among Bangladeshis. In recent years, and for their unwavering commitment
IFIC has witnessed significant progress
fraud infrastructure to accomplish the Bank’s goals despite
in reaching the “last mile” of unbanked and enabled remote various challenges.
families of the country.
working. We endeavor diligently to provide our
According to a Work Bank survey, over customers the highest possible level of
30 million of its nearly 170 million comfort, integrity and respect. We are
people still do not have an account with Upholding Standards of Ethical very grateful to them for their trust in
any financial institution or mobile money Governance us and are looking forward to further
platform. At IFIC, responsible leadership revolves strengthen our long-term relationship in
around corporate governance which the days to come.
IFIC Bank has achieved a significant
milestone by establishing 1,073 is crucial in earning the trust of all the A special thank goes to our shareholders
Uposhakhas across the country which stakeholders. The bank had adopted who have been a vital part of the
cover the ‘Last Mile’ even in the remotest the best global practices to ensure Company’s progress during the year.
areas for providing banking services to accountability, transparency, integrity,
and sound financial management Lastly, I would like to pay tribute to my
the common masses. These Uposhakhas
system resulting in sustainable business fellow Directors for their continued
serve as a direct link between the
and financial performance. The support, direction and insight which has
bank and the customers, thus, making
bank undertook several projects to enabled us to lead the organization to its
it easier for them to access banking
services without the need to travel long strengthen its IT governance structure numerous triumphs over the years.
distances. To serve the marginalized and controls. To guarantee data safety With enthusiasm and determination,
population effectively, the bank has and integrity, the bank had bolstered we look forward to the coming financial
introduced various deposit and liability existing cybersecurity, anti-fraud year. Let us all have good days ahead of
products that cater to the specific needs infrastructure and enabled remote us. May Allah bestow His most precious
of these groups. These products aim to working. Additionally, the bank had gifts on us!
attract the marginalized population to prioritized disaster recovery and cyber
use banking services by providing them security across the digital infrastructure,
with customized options that are easily and had established robust protocols
accessible to them. By taking these and procedures to counter any adverse
initiatives, IFIC Bank is actively promoting situations. Primary focus had been given
financial inclusion and making banking to create a set of guidelines and control
services available to all, regardless of mechanism that offer equal incentives to Salman F Rahman MP
their location or social status. all the stakeholders. Chairman

Managing Director &
CEO’s Review

Dear Respected Shareholders,
Assalamu Alaikum. prices triggered by the Russia-Ukraine Balance of Payments remained negative
war. For FY22, The Bangladesh Bureau and stood at USD (-) 5.4 billion which
I wish everyone good health and safety.
of Statistics (BBS) has provisionally appeared as a surplus of USD 9.3 billion
While global economy was recovering estimated 7.25% real GDP growth rate in FY21. This reverse scenario was
strongly from the COVID-19 pandemic, which was 6.94% in FY21. Imports mainly caused by huge deficit in Current
the Russia-Ukraine war has posed a growth was higher than Exports growth Account balance accompanied by lower
setback to the ongoing recovery. A rise in FY22. Exports grew by 33.5% while inflows in the Capital and Financial
in the global energy and commodity imports growth was 36.0%. The total Accounts. The Foreign Exchange
prices, higher inflation rate and sluggish Exports stood at USD 49.2 billion in Reserves stood at USD 41.8 billion at
economic activities by war induced FY22 which was USD 36.9 billion in the end of FY22, representing 6 months
supply chain disruption has been FY21. On the other hand, the total of prospective import payments which
observed. Countries have taken many Imports stood at USD 82.5 billion in was USD 46.4 billion at the end of
measures for protection against this FY22 compared to USD 60.7 billion FY21. Higher Trade Deficit than inflow
global economic crisis and Bangladesh in FY21. As a result, the Trade Deficit of remittances and lower inflows in the
is no exception in doing the same. widened and stood at USD 33.2 billion Capital and Financial Accounts led to fall
Despite these challenges, IFIC Bank in FY22 which was USD 23.8 billion in the foreign exchange reserves.
has collectively worked as a team in in FY21. Workers’ remittance inflow
IFIC Bank Performance
staying true to its vision of being the declined significantly by 15.1% and
Deposits of the Bank rose to BDT
preferred financial service provider stood at USD 21.0 billion in FY22 which
375,584 million in Y2022 from
through innovative, sustainable and was USD 24.8 billion in FY21. Due to
BDT 333,142 million in Y2021,
inclusive growth as well as providing its higher amount of Trade Deficit than
demonstrating a growth of 12.7%.
stakeholders with best in class value. inflow of remittances, a substantial
Loans and Advances increased to BDT
Therefore, I am pleased to be able to amount of deficit was appeared in
354,454 million in Y2022 from BDT
present before you the Bank’s Financial Current Account balance. The Services
305,061 million in Y2021, representing
and Operating Performance for the Year and Income Account along with Primary
a growth of 16.2%. Import of the Bank
2022. and Secondary Income registered a
was BDT 106,372 million in Y2022
During 2022, Bangladesh has faced a surplus of USD 14.6 billion in FY22
indicating a fall of 3.9% from Y2021 and
continuous decline in Forex Reserve compared to the surplus of USD 19.2
Export of the Bank was BDT 120,981
mostly because of the imbalance billion in FY21. The Current Account
million in Y2022 showing 38.0% rise
in export-import business, high balance stood at USD (-) 18.7 billion in
from Y2021. Net Interest Income (NII)
dependency on imported oil and gas and FY22 from USD (-) 4.6 billion in FY21.
increased by 13.0% from BDT 6,914
decreasing trend in inward remittance The Capital and Financial Account
million in Y2021 to BDT 7,814 million in
flow due to global economic crisis. surplus reached to USD 13.8 billion in
Y2022 and Net Profit after Tax rose to
The Banking Sector in Bangladesh has FY22 from USD 14.5 billion in FY21. In
BDT 2,970 million in Y2022 from BDT
also been affected by these adversities FY22, the overall
1,975 million in Y2021, representing
and encountered difficulties like high a growth of 50.4%. Non-Performing
volume of Non-Performing Loan and
disruption in Loan Recovery. Despite
In FY22, the real Loan (NPL) ratio of the Bank decreased
to 5.6% in Y2022 from 6.1% in Y2021.
these difficulties faced by the Banking
Sector, IFIC Bank has moved forward GDP of Asset size of the Bank stood at BDT
465,273 million in Y2022 against BDT
with its vision by creative thinking,
implementing relevant Policies and Bangladesh 405,878 million in Y2021, representing
a growth of 14.6%.
using Risk Management Framework.
In FY22, the real GDP of Bangladesh grew by Capital Adequacy
At the end of December-2022,
7.25%
grew by 7.25% as the Government
Shareholders’ Equity stood at BDT
of Bangladesh as well as Bangladesh
30,091 million which is 11.0% higher
Bank continued to offer significant
macroeconomic assistance in the form
as the Government than that of December-2021. The Bank
maintained Capital to Risk-weighted
of Refinance Schemes and Stimulus of Bangladesh as Asset Ratio (CRAR) of 12.78% under
Packages to help the country to
overcome these obstacles. The Banking
well as Bangladesh Revised Regulatory Capital Framework
Sector has kept on serving its customers Bank continued for Banks in line with Basel III as against
the minimum requirement of 12.50% set
in order to deliver the Government’s
macroeconomic support which has
to offer significant by Bangladesh Bank for the year ended
helped the nation’s economy to move macroeconomic December 31, 2022.
forward. assistance in the form Growth Initiatives Implemented in
2022
Macroeconomic Scenario of of Refinance Schemes IFIC Bank opened 9 Branches
Bangladesh z
Although the economy of Bangladesh and Stimulus Packages and 313 Uposhakhas in 2022
did return to the phase of recovery to help the country under IFIC Aamar Protibeshi.
aided by effective policies and ongoing These Uposhakhas were set up
28 stimulus packages, this recovery to overcome these all over Bangladesh in order to
has encountered new challenges as a obstacles. reach the doorsteps of majority of
result of the hike in global commodity the population and offer them all

Banking Services through IFIC One of its strategy, culture and value Policies and Organograms. It has a
Stop Service (except Foreign Trade creation process. While conducting Policy for Redressal of Grievance &
Business) with the utmost comfort its Banking Operations and carrying Resentment under which the employees
and ease. By the end of 2022, out any change initiatives, the Bank can raise any of their issues those
IFIC Bank had a network of 1,212 maintains compliance according to the create resentment in them within the
Banking Centers (169 Branches & Risk Management Guideline of the Bank. The Bank maintains dedicated HR
1,043 Uposhakhas), making it the Bank which covers all risk areas such (Human Resource) Helpline Numbers
largest Banking Center Network as Credit Risk, Foreign Exchange Risk, and Email Address to support its
among all the Private Commercial Asset Liability Management Risk, Anti- employees to raise any HR related
Banks in the country in terms of Money Laundering Risk, Information issue, to get clarification about HR
the total number of Branches and & Communication Technology Risk, Policy and HR related issue and to
Uposhakhas. Internal Control & Compliance Risk, share their grievance. The Bank has
z IFIC Bank carried on with its focus Cyber Security Risk, etc. The Bank’s Risk 24/7 Security Helpdesk through which
on the aggressive marketing & Management Framework continuously the employees can get emergency
selling of IFIC Aamar Account, analyzes, monitors, accepts and manages support from anywhere in the country.
IFIC Shohoj Account, IFIC Aamar risk as well as supports effective IFIC Bank follows a Meritocracy based
Bhobishawt, IFIC Shohoj Rin and decision-making and promotes risk Performance Management System by
IFIC Aamar Subornogram. awareness. IFIC Bank has managed implementing KPIs (Key Performance
its risks utilizing its Risk Management Indicators) based on Performance
z The Bank continued its effort on Framework which has increased Appraisal System both quarterly and
the aggressive marketing & selling efficiency and strengthened the annually. The Bank also follows the
of IFIC Aamar Bari- the collateral resilience of the Bank. multifunctional engagement concept
based Home Loan Product. among the employees by including
z The Bank continued to facilitate Cross Selling & Cross Servicing as one
its customers with free cash
withdrawal facility from the ATMs
Net Interest Income of their KPIs. It has Talent Management
Program which provides professional
of all Banks in Bangladesh by using (NII) increased by and personal opportunities for retaining
IFIC Debit Card.
13.0% from BDT 6,914 critical resources of the Bank and fast
tracking them in the Bank. IFIC Bank
IFIC Bank achieved the Payment
z
Card Industry Data Security
million in Y2021 to provides a competitive Pay Structure
Standard (PCI DSS) certification, BDT 7,814 million in with enriched Insurance Policy and
attractive Service Benefit Package
an internationally prestigious
recognition for maintaining
Y2022 and Net Profit for its employees. The Bank believes
maximum data security or after Tax rose to BDT in rewarding its employees for their
achievements.
information protection of
customers.
2,970 million in Y2022
z The Bank achieved internationally from BDT 1,975 million
recognized ISO 27001:2013 in Y2021, representing IFIC Bank distributed
certification which provides
a growth of 50.4%. Disaster Relief through
Structured Protection of the Bank’s
Information & Technology Assets, IFIC Bank Branches &
improves security by implementing
Commitments Towards the Employees
Uposhakhas during the
security controls in the Bank and
enhances Bank’s reputation & As IFIC Bank is the largest Private devastating flood in
Commercial Bank in the country in
Brand value.
terms of its Banking Center network,
Sylhet region.
z IFIC Bank partnered with Ria the Bank is continuously generating
Money Transfer allowing expatriate employment to meet the demand for
Bangladeshis to send money to Responsibilities Towards the Society
its expanded operations all over the
their families and friends enabling country. The Management of the Bank IFIC Bank made a significant
quick cash payout on inbound is committed to enhance the quality contribution to society in 2022 by
money transfers through all and ability of its Human Resources engaging in the following Corporate
Banking Centers of IFIC Bank. through continuous training and Social Responsibility (CSR) activities:
z IFIC Bank launched month-long development in order to attain long term z The Bank donated to the
‘IFIC Bank Remittance Utshob sustainable growth. IFIC Bank provides Honorable Prime Minister’s
2022’ with an aim to propelling the a meaningful career to its employees Relief and Welfare Fund for the
country’s remittance inflow through through the Bank’s transparent devastating Flood affected people
proper Banking Channel. recruitment process, fair placement of the country.
and promotion process and by creating
z The Bank took a project to z The Bank donated Blankets to the
an enabling-engaging-empowering job
transform its Contact Center by Honorable Prime Minister’s Relief
environment throughout the entire
implementing Visual Interactive and Welfare Fund to help the cold
employee lifecycle. The Bank offers
Voice Response and many other stricken people of the country.
equal opportunities and diversified
robust technological features.
career paths for all of its employees so z The Bank also distributed Blankets
Risk Management that they can unfold their potentiality. among the cold stricken people of
The Bank acknowledges that Risk To make the employees dynamic, the the country through its Branches &
Management is a crucial component Bank continuously reviews its HR Uposhakhas.

z The Bank provided Financial services like Fund Transfer and Concluding Remarks
Assistance to help the insolvent Card Activation visually from the I sincerely commend the guidance, policy
meritorious students under website of IFIC Bank. and support provided by the Regulatory
Honorable Prime Minister’s z IFIC Bank will open more Branches Authorities, especially Bangladesh Bank,
Education Assistance Trust. & Uposhakhas as part of expanding as well as the kind cooperation of the
its IFIC Aamar Protibeshi concept Bangladesh Securities and Exchange
z IFIC Bank distributed Disaster
to become the largest Bank in the Commission, Dhaka Stock Exchange
Relief through IFIC Bank Branches
country in terms of Banking Center Limited and Chittagong Stock Exchange
& Uposhakhas during the
Network. Limited. I appreciate the members of the
devastating flood in Sylhet region.
Board of Directors for their guidance to
z The Bank provided Financial z IFIC Bank will continue to give the Bank’s Management in implementing
Assistance to Kumudini Welfare emphasis on aggressive marketing the policies and guidelines in the Bank.
Trust of Bengal (BD) Limited for and selling of IFIC Aamar Account, I must express my profound gratitude
bearing the educational expenses IFIC Shohoj Account, IFIC Aamar to our respected shareholders, valued
of Diploma in Nursing students Bhobishawt, IFIC Aamar Bari, customers and all other stakeholders
of Kumudini Nursing School and IFIC Shohoj Rin and IFIC Aamar for putting their trust in the Bank’s
College. Subornogram. Management. I am appreciative to my
z IFIC Bank will upgrade its Digital dear fellow colleagues for manifesting
z The Bank contributed in
Banking Solution. their optimistic attitude, duty and
conducting four-year Certification
Program on Emergency Medicine z IFIC Bank will continue to increase immense resilience to continue to
(CPEM) which was organized by its Remittance Business by keep IFIC spirit high and for attending
Dhaka Medical College (DMC) in providing Remittance services to its to customers’ Banking needs during
collaboration with the University of customers throughout the country global economic crisis due to Russia-
Pennsylvania Perelman School of from its Banking Center Network. Ukraine war and aftermath of COVID-19
Medicine, USA. pandemic. I believe that the Bank
will remain successful in serving its
z IFIC Bank provided Financial customers through its best possible
Assistance for the completion of The Bank will transform people, befitting products, distinctive
the production of Liberation War its Contact Center by service platform and cutting-edge
based film “1971 Shei Sob Din”, technology.
an initiation by Ekushey Padak implementing Visual
recipient and renowned Cultural Interactive Voice
Artist Ms. Lucky Enam and her
team under the banner of her Response (VIVR) which
production house ‘TICKET’. is an enhanced version
Initiatives for 2023 of the Interactive Voice
z IFIC Bank will provide its customers Response (IVR) service
Islamic Banking services in addition
to the Bank’s existing services of the Bank’s Customer
by introducing Islamic Banking Care Center, through Mohammad Shah Alam Sarwar
Window through its Banking
Centers all over the country. which customers can Managing Director & CEO
z The Bank will transform its enjoy services like
Contact Center by implementing
Visual Interactive Voice Response
Fund Transfer and Card
(VIVR) which is an enhanced Activation visually from
version of the Interactive Voice
Response (IVR) service of the
the website of IFIC
Bank’s Customer Care Center, Bank.
through which customers can enjoy

Directors’
Report

Directors’ Report
Respected Shareholders, international organizations. The world France, Japan and Canada.
economy expanded by 5.5 percent in
As-salamu Alaikum, The emerging market and developing
2021, the fastest pace of growth since
economies are expected to increase
Welcome to the 46 Annual General
th 1976, according to the UN’s Global
by 3.8 percent in 2022, which is 1.0
Meeting (AGM) of the Bank. The Economic Situation and Outlook 2022.
percentage point lower than the
Board of Directors of IFIC Bank PLC is The worldwide economic growth for
projection issued in the January 2022
delighted to deliver the Annual Report 2022 and 2023 is predicted to be
edition of the WEO. India is predicted to
and the Audited Financial Accounts for 4.1 and 3.2 percent, respectively, in
expand at the fastest rate in the group,
the year ended 31 December 2022 the World Bank’s Global Economic
at 8.2 percent, but China’s growth
to you. The Annual Report has been Perspective, January 2022. With growth
prediction has been decreased from 4.8
prepared in accordance with Section in advanced countries predicted to
percent to 4.4 percent. Emerging and
184 of the Companies Act of 1994, the fall from 5% in 2021 to 3.8% in 2022
emerging Europe is predicted to contract
Bank Company Act of 1991 (Amended and 2.3% in 2023, the sluggish growth
by 2.9 percent, 6.4 percent less than the
until 2018), and the Guidelines issued by rates between advanced nations and
January estimate, owing partly to the
the Bangladesh Securities and Exchange emerging and developing economies will
conflict in Ukraine. Russia is expected
Commission (BSEC), including the most diverge.
to contract by 8.5 percent in 2022 as a
recent notification, Bangladesh Bank, The impact on vulnerable economies result of Moscow’s invasion of Ukraine
and other relevant rules and regulations is considerably worse, with output in and its ramifications. Because of high
of regulatory authorities. This report weak and conflict-affected economies oil prices, the economies of the Middle
includes a brief summary of the global estimated to be 7.5% lower than its East and Central Asia have been revised
and Bangladeshi economies, the bank’s pre-pandemic average. Nevertheless, upward, with Saudi Arabia having the
performance, general strength, growth because the January projected conflict greatest growth promise of 7.6 percent.
trend, and other issues. The Board of in Ukraine did not occur, the future
Directors believes that the Report will The worldwide macroeconomic picture
prognosis will significantly depart from
provide all stakeholders with fascinating is unclear as a result of the war-induced
the above analysis.
insights into the bank’s performance crises and the COVID-19 epidemic.
throughout the fiscal year under review. The IMF projections for 2022 and 2023 The route of the epidemic, the military
are 0.8-0.2 percentage points lower situation, policy measures, financial
than the January 2022 WEO update. circumstances and commodity prices,
1. Global Economy Global growth is forecast to decline and the economy’s ability to respond to
The COVID-19 epidemic has had to 3.3 percent over the medium term health-related barriers will all influence
a significant positive impact on the beyond 2023, with advanced economies future events. The ebb and flow of these
world economy, but the conflict in expected to grow by 3.6 percent. forces, as well as their interplay with
Ukraine has increased commodity costs However, war in Ukraine is slowing country-specific features, will influence
and slowed down economic activity. down the growth trajectory, leading the rate of healing and the amount of
Forecasts for inflation and economic to high price levels and a 3.7 percent scarring. Table 1.1 depicts the global
growth prospects have been updated by decrease in the US, Europe, Germany, growth scenario at a glance:
Table 1.1: Overview of World Output Growth Projections

(Percent Changes)
Difference from outlook Update,

Actual Projection Outlook, April, 2021
Economic Area January, 2022
2021 2022 2023 2022 2023
World Output 6.1 3.6 3.6 -0.8 -0.2
Advanced Economies 5.2 3.3 2.4 -0.6 -0.2
USA 5.7 3.7 2.3 -0.3 -0.3
Euro Area 5.3 2.8 2.3 -1.1 -0.2
UK 7.4 3.7 1.2 -1.0 -1.1
Germany 2.8 2.1 2.7 -1.7 0.2
France 7.0 2.9 1.4 -0.6 -0.4
Japan 1.6 2.4 2.3 -0.9 0.5
Canada 4.6 3.9 2.8 -0.2 0.0
Emerging Market and
6.8 3.8 4.4 -1.0 -0.3
Developing Economics
Emerging and Developing Asia 7.3 5.4 5.6 -0.5 -0.2
China 8.1 4.4 5.1 -0.4 -0.1
India 8.9 8.2 6.9 -0.8 -0.2
ASEAN-5 3.4 5.3 5.9 -0.3 -0.1
Source: World Economic Outlook, April 2022.IMF. Note: ASEAN-5: Indonesia, Malaysia, Philippines, Thailand and Vietnams.

2. Bangladesh Economy and other agricultural activities. To up to February 2022. Bangladesh is
overcome the shock of COVID-19, taking steps to combat environmental
Bangladesh’s economy has grown GOB has provided different supports degradation and ensure economic
significantly over the past decade, under incentives packages to its industry growth.
with GDP growth reaching 7.25% sector, such as special fund for export
in FY 2021-22 and 6.94% in FY A number of policies and development
oriented industries, working capital
2020-21. Consumption increased to plans have been adopted to address
for the affected industries and service
78.44%, gross investment was 31.68%, environmental hazards and ensure a
sector institutions, working capital to
and public investment and private pollution-free eco-friendly environment.
SMEs, and credit guarantee skims for
investment accounted for 7.62% and A masterplan for coming 20 years
SMEs.
24.06% of GDP respectively. Inflation is under preparation to maintain
was 5.56%, with food and non-food The capacity of power generation environmental sustainability and achieve
inflation accounting for 5.73% and reached 22,066 megawatts in January self-sufficiency in forest resource.
5.29% respectively. The revised revenue 2022, with 25,284 megawatts including
mobilization target was set at Tk. renewable energy and captive. Natural 3. Banking Industry in 2022
3,89,000 crore, with revenue from NBR gas met 62% of the country’s total
sources (9.78% of GDP), tax revenue commercial use of energy, with 28 gas In Bangladesh, 61 scheduled banks
from non-N BR sources (0.40% of fields discovered and 9.30 trillion cubic are performing their banking business
GDP) and non-tax revenue (1.10%). feet of recoverable gas by January with 10,938 branches as of February
The budget deficit was 4.7% and 4.3% 2022. To meet the growing demands 2022. Of these total bank branches,
respectively, with an actual budget for natural gas and fuel oil, the highest the number of urban and rural branches
deficit of 5.1% of current fiscal year. emphasis is given on diversification of are 5,624 (51.42%) and 5,314 (48.58%)
energy sources, particularly coal, LNG, respectively.
This policy stance outlines the monetary duel fuel, atomic and renewable energy.
and credit programme for FY 2021- As of 2022, the banking industry in
22 based on the evolving internal and The development efforts to Bangladesh has faced challenges due to
external macroeconomic and financial build a developed and integrated the ongoing pandemic and the economic
developments. The programmed growth communication and transport slowdown, however, the industry has
of broad money (M2) was 15.0% infrastructure in Bangladesh are managed to maintain stability and
and domestic credit growth 17.8%. underway. The total length of highways growth.
However, public and private sector is 22,433 km, and development projects One of the major achievements of the
credit experienced 28.1% and 10.9% such as Padma Bridge, Metro-rail, BRT, banking industry in Bangladesh has been
growth respectively in February 2022. Dhaka Elevated Express way, Karnaphuli its ability to maintain financial stability.
The reduction in market-based interest tunnel and some other mega-projects The Bangladesh Bank, has implemented
rates has been due to the increase in are being implemented. The total various policies and measures to ensure
excess liquidity available to banks and number of mobile phone subscribers and the soundness of the banking system.
the reduction in interest rates, bank rate internet users exceed 18.15 crore and These measures include strict regulatory
and refinancing scheme policies adopted 12.28 crore respectively. Bangladesh frameworks, effective supervision, and
by Bangladesh Bank. The Russia-Ukraine Submarine Cable Company Ltd. (BSCCL) risk management practices. As a result,
conflict has had a negative impact on is providing 60% of the country’s the industry has remained resilient and
world trade, leading to global trade internet bandwidth. Reform initiatives stable, despite the challenging economic
instability and inflationary pressures. such as financial sector reform, anti- environment.
corruption and preventative actions are
Bangladesh’s export growth is on a being adopted and executed to promote Another positive aspect of the banking
positive trend, with total export earnings balanced development and establish industry in Bangladesh is its continued
increasing by 35.14% and total import good governance. growth. According to recent data,
payments increasing by 43.84%. The the total assets of the banking sector
current account balance showed a Bangladesh has made significant have increased by 8.5% year-on-year,
deficit of US$ 12,834 million due to progress in poverty mitigation in the last reaching approximately 32.7 trillion
expansion of trade deficit and a fall of decade due to the devoted endeavors taka. Similarly, the loan portfolio of the
workers’ remittances, while the surplus of the government and the successful industry has grown by 9.8%, reaching
of capital account balance and financial execution of numerous public and approximately 23.9 trillion taka. This
account balance both increased due private development activities. Despite growth has been driven by increased
to term loans received from the global the COVID-19 pandemic, the poverty demand for credit from various sectors
development partner agencies. The situation in Bangladesh did not worsen of the economy, including agriculture,
foreign exchange reserve stood at to a scale of catastrophe. During SMEs, and consumer loans.
US$ 46 billion at the end of February January-September in 2021, the amount
2022, and the exchange rate of Taka of FDI was US$ 1,803.4 million. Moreover, the banking industry in
depreciated by 1.9% against US dollar. Bangladesh has also made significant
In FY 2021-22, 763 projects were strides in digital transformation. In
Sector-wise Economic Progress registered under joint venture recent years, banks in the country have
The Government of Bangladesh (GOB) investment (local and foreign) and the increasingly adopted digital technologies
has adopted short, medium, and long- amount involved with the proposal was and services, such as mobile banking,
term action plans to maintain food Tk. 1,08,022 crore. Total 454 business internet banking, and online payment
security. The target of food production institutions are ongoing with production systems. This has not only made banking
is 465.83 lakh metric tonne (MT) in FY in 8 EPZs, and 77 industries are in services more convenient for customers
2021-22, which was 466.35 lakh MT the process of operation. The total but has also helped to improve the
in FY 2020-21. To increase agricultural investment amount in the EPZs is US$ efficiency and effectiveness of the
production, Tk. 9,500 crore has been 5,858.02 million, and the total number industry.
allocated for subsidising fertilisers of employment generation is 4,80,140

However, the banking industry in some headwinds in FY22, as 4. IFIC in the Banking Sector of
Bangladesh still faces several challenges. seen by the expanded current
Bangladesh
One of the key challenges is the high account deficit caused by a larger
level of non-performing loans (NPLs) trade deficit and relatively mild IFIC Bank PLC was set up at the instance
in the sector. According to recent data, remittance inflows. The entire of the Government in 1976 as a joint-
the NPL ratio of the banking sector Balance of Payments (BoP) had a venture between the Government of
has increased to 8.3%, which is higher deficit of USD 3.7 billion from July Bangladesh and sponsors in the private
than the industry’s target of 5%. This to April of FY22, putting downward sector with the objective of working as a
can be attributed to a variety of factors, pressure on the currency rate. finance company within the country and
including the economic slowdown, z In FY22, BB intervened in the setting up joint-venture banks/financial
weak credit appraisal and monitoring foreign exchange market by selling institutions aboard. In 1983 when
practices, and inadequate recovery a significant quantity of foreign the Government allowed banks in the
mechanisms. currency in order to maintain private sector, IFIC was converted into a
exchange rate stability and full-fledged commercial bank. At present,
In addition, the industry is also facing
preserve the Bangladesh Taka’s the government of Bangladesh owns
intense competition, both domestically
(BDT) external competitiveness. 32.75% of the Bank’s share capital, while
and internationally. The entry of
the remaining share capital is owned by
new players in the market, including z In order to control inflation and the bank’s sponsors/directors, local and
fintech companies and non-banking exchange rate pressures and foreign institutions, and general public
financial institutions, has increased support the economic recovery shareholders.
competition for traditional banks. This process, BB’s monetary and credit
has forced banks to innovate and offer programs for FY23 will pursue A total of 177 Branches and 1,090
new products and services to remain a cautious policy stance with a Uposhakhas of IFIC are dedicated to
competitive. tightening bias. This will ensure fulfill the mission of providing services to
the necessary flow of funds to the clients with the help of a skilled and
In conclusion, the banking industry in
the economy’s productive and dedicated workforce. The wellbeing and
Bangladesh has performed well in 2022,
employment-generating activities economic development of the people
maintaining stability and growth despite
for long-term economic growth. and the community are important to
the challenging economic resection.
IFIC since it is one of the top banks in
However, there are still challenges that z In order to address the pressures
the nation’s banking industry.
need to be addressed, such as the high on the demand side and provide
level of NPLs and intense competition. It the necessary flow of funds to the 4.1 Client as Trusted & Development
is important for the industry to continue priority and productive sectors to Partner
to innovate and adopt new technologies support supply-side activity, BB IFIC Bank recognizes customers as
and practices to remain competitive and has decided to raise its policy rate partners and aims at providing high
sustainable in the long run. (the repo rate) by 50 basis points to quality products and services at a very
5.50 percent from 5.00 percent. competitive price. The Bank focuses
3.1Highlights of Monetary Policy of
BB’s monetary policy seeks to on the Customer Service Excellence
Bangladesh Bank z
promote import-substituting (CSE) while providing those products
z Bangladesh’s economy has already and services with the optimum desire
economic activities and discourage
started to recover to its pre-COVID to gain total customer satisfaction and
imports of luxury goods, fruits,
growth trajectory, according to the confidence. The Bank hopes to build
non-cereal foods, canned and
BBS’s forecast of 7.25 percent real reliability, trust and friendship through
processed foods, to reduce
GDP growth in FY22. honesty and integrity for a healthy long-
exchange rate depreciating
z Bangladesh, like many other pressure, protect foreign exchange term alliance.
nations, experienced higher reserves, and control inflation. It The Bank takes charge of every client
inflation as a result of rising global will introduce a new refinance line to make him/her an advanced partner
energy and commodity costs. of credit for imported products to through addressing his/her banking
z The CPI-based average inflation minimize import dependency and needs and wants to provide best
stood at 5.99 percent in May 2022 save money. services at affordable prices.
and is unlikely to be contained z BB will continue to assist the The Bank provides a professional,
within the target ceiling of 5.30 government’s ongoing stimulus safe and enjoyable work environment
percent ending June 2022. measures, as well as BB’s for its employees that supports job
z The monetary policy stance and refinancing schemes, in the face enthusiasm, positive relationship
monetary program proposed for of new adversities, such as the and effective teamwork. The Bank
FY22 were meant to keep essential Russia-Ukraine war and the provides clear directions to motivate
liquidity in the banking system COVID-19 epidemic. the team to achieve the goals. The Bank
while maintaining a lower market z Given Bangladesh’s tenuous seeks loyalty of its employees to the
interest rate regime to fulfill private commercial ties with Russia and company by treating them with respect,
and public sector demand. Ukraine, the war’s immediate understanding and recognition.
z To control money market liquidity negative impact is projected to be
4.2 Cluster Management
conditions, BB has implemented modest. Climate and environmental
Cluster Management is considered
essential policy measures such as vulnerabilities, such as the recent
as a new and highly efficient form
open market operations, issuance abrupt floods in the country’s
of innovation support providers that
of BB bills, and tightening policy north and northeast, might have
an impact on the country’s general provides and channelizes specialized and
rates.
price stability and economic customized business support services to
z The external sector encountered the enterprises. The high quality cluster
prospects.

management team works relentlessly to 5. Financial Performance of started to recovery with the assistance
ensure cluster excellence in the Bank of different financial and policy support
IFIC Bank PLC
where the efficient cluster Managers act announced by the Government and
as a driving force for the clusters. Their 5.1 Financial Review the Bangladesh Bank, Year 2022 was
performance is very much linked to the Bangladesh has a strong track record served more of a hedge against risks of
professional expertise and the capability of growth and development recent recovery and liquidity then the focus
of the cluster managers who dispose years facing major global economic on profitability that dent the financial
of good cluster insight necessary for an crisis. Y2022 was expected to see a results and operations of the Bank.
relief from the devastating effects of However, despite of the continuing
efficient support to the cluster members.
COVID 19 pandemic but, the world hurdles, the Bank could be able to
has to witness another devastation in achieve respectable growth in terms of
the form of war between Ukraine and the profitability and the Balance Sheet
Russia. Though the economy gradually growth.
BS Size
1,000th BDT
5.2 Financial Position to expand its network and at the end Uposhkha 465,273
Despite the number of global challenges, of year 2022 total footsteps reached [+14.6%]
IFIC has managed to be continuing its at 1,212 across the country with a net
growth momentum by focusing more on addition of 9 Branches and 313 number 2,500 Highest ISO 27001:
risk management, process reengineering, of Uposhakha [sub-branch] and balance CMSME loan VAT payer 2013 and
sanconed Award PCI DSS
digital banking transformation, sheet size of the Bank reached to BDT in a day from NBR Cerficaon
innovative products and maximization 465,273 million at the end of year 2022
of the assets of the Bank. As part of opposed to BDT 405,878 million of year 45% Home Ria Money
the strategic goals, IFIC is continuing 2021 resulting (+14.6%) growth. Loan Growth Transfer
25% Aamar and NEC
A/C Growth partnership
BDT in million
Particulars Y2022 Y2021 Growth Growth(%)
Cash & Bank balance 41,218 30,474 10,745 35.3%
Investment 52,749 55,612 (2,863) (5.1%)
Loan & Advances 354,454 305,061 49,393 16.2%
Fixed Assets 9,267 7,923 1,344 17.0%
Non-Banking and other Assets 7,584 6,808 777 11.4%
Total Assets 465,273 405,878 59,395 14.6%
Borrowing from other banks & FIs 20,621 14,562 6,059 41.6%
Subordinated debt 10,700 6,400 4,300 67.2%
Deposits 375,584 333,142 42,442 12.7%
Other liabilities 28,277 24,652 3,624 14.7%
Shareholders’ equity 30,091 27,121 2,970 11.0%
Total liabilities and shareholders’ equity 465,273 405,878 59,395 14.6%
Loans and advances reached at BDT “IFIC Aamar Bari” has reached at BDT While the recovery in the banking
354,454 million (+16.2%) during the 82,580 million with net increase of BDT industry were impacted, due to the
year 2022 vis-à-vis BDT 305,061 million 25,730 million showing positive growth COVID situation, the IFIC could able
of year 2021. The growth in the loan of 45.3% over last year. During the year, to maintain its NPL ratio at 5.61% in
book was an outcome of Bank’s efforts the Bank has put special emphasis on Y2022 [Y2021:6.09%] below industry
and combined participation in corporate lending to SME & Agri segment of the average of 8.16%. Non-performing ratio
and concentrate more on retail mortgage Bank in line with the Bangladesh Bank decreased compared to prior year due
finance. The Bank is focusing more on initiatives. During the year 2022, SME to upgrade of few accounts. However,
diversifications of the portfolio mix to & Agri portfolio of the Bank reached Bank maintained well coverage against
address the concentration risk. In the at BDT 44,904 million vis-à-vis BDT its non-performing loan by way of
Y2022, corporate lending of the Bank 42,076 million of prior year resulting provisioning and interest suspense.
grew by 9.5% with net accretion of positive 6.7% growth. Bank made total provision of BDT
BDT 19,143 million. On the other side 14,628 million as of 31 December

Y2022 on cumulative basis against loan, portion of the country’s population
investment, and other asset vis-à-vis through its latest deposit product ‘IFIC Deposit
BDT 11,571 million of prior year to Shohoj Account’ which grew by 55.0%
mitigate future credit risk. over last year and IFIC’s flagship product Net Add.
42,443
333,142
‘Aamar account’ continued to grow and
The deposit of the Bank reached at BDT (+12.7%)
reached to BDT 106,027 million which
375,584 million at the end of year 2022
witnessed 25.4% growth compared to
375,585
as opposed to BDT 333,142 million of
year 2021.
year 2021. Total deposit of the bank
grew by 12.7% from the last year with
net addition of BDT 42,442 million
through leveraging the wide network
of the Bank. IFIC continued its efforts Y2021 Y2022
in capturing and encompassing a large
5.3 Financial-Performance
A summary of the financial performance on standalone basis of the bank for the year 2022 is provided below:
Particulars Y2022 Y2021 Var Var(%)

Net interest income (NII) 7,814 6,914 900 13.0%
Non-interest income 7,133 6,923 210 3.0%
Operating income 14,947 13,837 1,110 8.0%
Operating expenses 8,345 6,669 1,676 25.1%
Operating profit 6,602 7,168 (565) (7.9%)
Provision 2,203 2,703 (499) (18.5%)
Profit before tax 4,399 4,465 (66) (1.5%)
Tax 1,429 2,490 (1,061) (42.6%)
Profit after tax 2,970 1,975 995 50.4%
z Weighted average return on year 2021. Non-interest income profit of the Bank stood at BDT
advance [RoAdv] come down to which contributed rest 47.7% of 6,602 million opposed to BDT
7.60% vis-à-vis 7.83% of Y2021 total operating income increased 7,168 million achieved in the year
and weighted average cost of fund by only 3.0% in year 2022 mainly 2021. Operating profit of the Bank
[CoF] reached to 4.73% vis-à-vis due to decrease of income from decreased by 7.9% compared to
4.55% of Y2021. As a result, NII/ investment. Investment income preceding year mainly for higher
Spread of the Bank stood at 2.87% of the Bank decreased by BDT interest expense and operating
opposed to 3.28% of the prior 932 million (-22.2%) compared expense as explained in previous
year. Although the RoAdv reduced to Y2021 due to absence of paragraphs.
by 0.23%, in absolute figure NII capital gain from capital market z Bank charged provision of BDT
increased by 13.02% mainly for operations. 3,056 million in Y2022 (gross
higher lending portfolio based over z With the positive move on NII and basis) against its lending portfolio
Y2021. Net Interest Income [NII] non-interest income during the [performing + non-performing],
of the Bank stood at BDT 7,814 year, Bank earned total operating other assets, investments, and
million vis-à-vis BDT 6,914 million revenue of BDT 14,947 million off-balance sheet exposure.
of Y2021. NII contributed 52.3% of vis-à-vis BDT 13,837 million of However, after netting off write
total operating income. year 2021. Total operating income off recovery of BDT 853 million,
of the Bank increased by 8.0% over total net provision expenses of the
3.28 NII 2.87 prior year. Bank stood at BDT 2,203 million
z During the year 2022 Bank opposed to BDT 2,703 million of
4.55 CoF 4.73 Y2021.
incurred operating expenses of
BDT 8,345 million compared to z Total tax expense of the Bank
7.83 RoAdv 7.60 BDT 6,669 million of prior year. stood at BDT 1,429 million
Operating expense of the bank compared to BDT 2,490 million of
Y2021 Y2022 increased by 25.1% compared to Y2021 which is BDT 1,061 million
year 2021 which is in line with the lower than prior year mainly for
z During the year Bank earned incremental number of network of higher level of deferred income
total non-interest income of BDT the Bank and general increment of arises from provision against
7,133 million compared to BDT price level. classified loan under category of
6,923 million earned during the z At the end of year 2022 operating bad loss.

z At the end of year 2022 Bank and the Board itself review the the Group. During the year 2022, the
posted PAT of BDT 2,970 million quarterly financial performance of Board Audit Committee reviewed the
vis-à-vis BDT 1,975 million of the Bank, both on standalone and quarterly financial statements and BoD
previous year. PAT of the bank consolidated basis over the year as a approved the same before published to
is 50% higher than the previous part of our governance and compliance stakeholders. The performance of the
year mainly due to the higher NII processes and practices. The Board Bank was increased throughout the year.
[+13.0%] and due to the higher Audit Committee and the Board of Summary of the quarterly performance
level of deferred tax income. Directors (BoD) continuously monitor are as follows.
and evaluate both financial and non-
5.4 Quarterly Financial Performance
financial performance of the Bank and
The Audit Committee of the Board
BDT in million
Particulars Q1 Q2 Q3 Q4 Y2022
Net interest income 1,611 2,091 1,852 2,260 7,814
Non-interest income 1,586 2,011 1,858 1,678 7,133
Operating income 3,197 4,102 3,711 3,939 14,947
Operating expenses 1,824 1,930 2,025 2,566 8,345
Profit before provision 1,372 2,172 1,686 1,373 6,602
Total provision 818 1,036 508 (159) 2,203
Profit before tax 554 1,136 1,177 1,532 4,399
Tax 288 633 505 3 1,429
Net profit after tax 267 503 672 1,529 2,970
5.5 Capital Overview – Basel III the Bank. In order to maintain a healthy outlook which is judged to be of very
In accordance with the Guidelines for regulatory capital IFIC Bank issued 3 high quality with very low credit risk.
Risk Based Capital Adequacy (Revised (Three) Subordinated Bonds till today.
The Bank maintained total capital
Regulatory Capital Framework for In the year 2022, the Bank issued
of BDT 43,266 million against the
banks in line with Basel III) issued by its 3rd Non-convertible Unsecured
requirement of BDT 42,321 million i.e.
Bangladesh Bank on December 2014, Subordinated Bond of BDT 5,000 million
there is a surplus of capital requirement
Banks should always maintain adequate with seven-year maturity. As a result,
with BDT 946 million. CRAR of the Bank
capital against its Risk Weighted Assets total outstanding of Subordinated Bond
during the year stands at 12.78% against
(RWA). Considering the future business stood at BDT 10,700 million at the end
the requirement of 12.50%. However,
plan of the Bank, it needs more capital of year 2022 vis-à-vis BDT 6,400 million
Tier-I capital of the Bank stood at 8.18%
to cover this investment growth since of year 2021. All of the Subordinated
against the requirement of 8.50%
RWA as well as capital requirement Bonds are rated by CRAB as ‘AA3 (Hyb)’
including CCB of 2.5%.
increases in line with asset growth of in long term category with ‘Stable’
BDT in million
Particulars Y2022 Y2021 Growth

Total RWA 338,564 300,759 37,805
Paid-up Capital 17,859 17,009 850
Reserve & Surplus 9,835 8,948 887
Tier 1 Capital 27,694 25,957 1,738
Tier 2 Capital 15,572 13,449 2,123
Total Capital 43,266 39,406 3,860
Required Capital 42,321 37,595 4,726
Surplus/(Shortfall) 946 1,811 (865)
Tier 1 to RWA 8.18% 8.63% (0.45%)
Tier 2 to RWA 4.60% 4.47% 0.13%
Maintained CRAR 12.78% 13.10% (0.32%)
Required CRAR 12.50% 12.50% 0.00%
Surplus/(Shortfall) 0.28% 0.60% (0.32%)

5.6 Credit Rating Particulars 31-Dec-21 31-Dec-20
As per Bangladesh Bank’s guidelines and
notifications of Bangladesh Securities Rating Company ECRL ECRL
and Exchange Commission, IFIC Bank Long Term AA AA
conducts its credit rating each year with
due disclosure. The Bank was rated by Short Term ST-2 ST-2
Emerging Credit Rating Limited (ECRL) Outlook Stable Stable
for the year ended 31 December 2022
and awarded “AA” in long term and ST-2 Date of Rating June 29, 2022 June 29, 2021
in the short term. Validity June 29, 2023 June 30, 2022
5.7 Contribution to National Exchequer
Direct Tax Indirect Tax

Year Total
Withholding Tax Corporate Tax VAT Excise Duty
Y2022 3,465 2,541 629 523 7,157
Y2021 2,449 1,793 493 489 5,224
As per the laws and legislations of the International Financial Reporting either directly or indirectly has been
country, IFIC valued its obligations to Standards (IFRS) as adopted by effectively rendered ineffective.
contribute to the economy by way of Financial Reporting Council (FRC) Nevertheless, if any issue arises at the
collecting government revenue and in Bangladesh and the instructions Banks’s AGM or elsewhere, a thorough
depositing the same to the government of Bangladesh Bank. Any investigation is conducted.
exchequer. In line with regulation, Bank departures from such requirements
5.11 Dividend
pay its corporate tax well ahead of due have been duly disclosed.
Considering the net profit after tax and
time and deposit the withholding tax, Sincere efforts were put to ensure
z total available profit for distribution
VAT excise duty and other government the integrity and legal compliance after complying with the regulatory
levies to Government exchequer of IFIC’s financial statements. requirements, the Board of Directors
within the prescribed time and ensure The priority of the annual report has recommended total dividend of
appropriate deductions or collection of is to portray a true and fair 5% (2.5% Cash + 2.5% Stock) for the
government levies without any deviation. representation of the bank’s year 2022, subject to approval at the
In the year 2022 IFIC achieved National activities and transactions as per forthcoming Annual General Meeting.
Award for Highest VAT payer and got prevailing laws of the land.
recognition for one of the Highest 5.12 Five Years Performance
Taxpayer by National Board of Revenue z There is no significant doubt upon Key operating and financial highlights of
(NBR). Bank deposited BDT 7,157 million the Bank’s ability to continue as the past 5 (five) years are presented in
by way of corporate tax, withholding tax, Going Concern. IFIC has neither this Annual Report.
VAT and other levies opposed to BDT intention nor the need to liquidate
or curtail materially the scale of 5.13 Management’s Discussion and
5,224 million deposited in year 2021. Analysis
its operation. Hence, the Financial
5.8 Related party Disclosure A Management’s Discussion and Analysis
Statements of the Bank have been
In the normal course of business, Bank signed by the Managing Director & CEO
prepared on the going concern
entered few transactions with related of the Bank has been presented with
basis and will continue in operation
parties during the year 2022 which detailed analysis of the Bank’s Financial
for the foreseeable future.
details are furnished in Annexure – F Positions and Operations in this Annual
of the financial statements. These The declaration on Financial Statements Report.
transactions have been executed on an for the year ended on 31 December
arm’s length basis. 2022 made by the Managing Director
& CEO and the Chief Financial Officer
6. Overseas Operations
5.9 Preparation of Financial Statements
(CFO) to the Board of Directors of the Since the inception of its journey in
and the Annual Report
Bank has been disclosed in the Annual 1983, IFIC Bank has been playing the
z All relevant books and accounts Report. pioneering role among the private sector
were preserved as per regulation banks in establishing joint venture/
5.10 Protection to minority
z Financial Statements have overseas operations beyond the national
shareholders
been prepared according to the boundary. The Bank has so far been able
appropriate accounting policies and Through various strategies including to set up joint venture operations in the
procedures. multi-faceted internal control system Maldives, Oman, Nepal, Pakistan and
including independent and internal UK. Bank’s operation in the Maldives
z All hypothesis and assumptions
audits as well as the establishment was, however, handed over to the
were made within these financial
of independent management team, Maldivian Government in 1993.
statements and are made on
IFIC has fostered a professional
reasonable ground and prudent The overseas joint venture operations
environment where protection of
judgement. have not only brought a positive
minority shareholders are ensured. Any
z Preparation of Financial Statements opportunity for controlling shareholders image for the Bank in the international
(FS) of IFIC were according to the to apply aggressive or abusive strategies arena, but also contributed a lot to its

profitability. A pen picture of the existing 51% is held by the Omani Sponsors. Instructions (Nostro Accounts) involving
overseas joint venture operations The operations of the branches are fully 7 (seven) currencies, e.g. AUD, ACU-D,
of the Bank is furnished hereunder computerized having online system. CHF, EUR, GBP, JPY and USD at
for information of the Honourable The Exchange Company has a network important financial centers. Total
Shareholders. of 11 (eleven) branches covering all correspondents of IFIC Bank stands
the major cities/towns of Oman. In the at 379 (both local & foreign) as on 31
6.1 Nabil Bank Limited
(Nepal Bangladesh Bank is merged with Nabil meantime, the company has established December 2022.
direct remittance services with 9 (nine)
Bank Limited) 6.6 Foreign Remittance
Prior to merger with Nabil Bank Limited, countries such as Bangladesh, India,
IFIC Bank handles both Inward and
Nepal Bangladesh Bank Limited, a joint Indonesia, Nepal, Pakistan, Philippines,
Outward Foreign Remittance. Outward
venture commercial bank between IFIC Qatar, Sri Lanka and U.A.E.
Remittance includes FC Cash Transfer,
Bank PLC and the Nepali Nationals, 6.3 MCB Bank Ltd., Pakistan FDD Issuance and wire transfer through
started its operation with effect from IFIC Bank had two Branches in Pakistan, SWIFT. The Bank’s Inward Remittance
06 June 1994 in Nepal with 50% equity one in Karachi and the other in Lahore. covers Account Credit service (IFIC
from IFIC Bank PLC. IFIC Bank owned Karachi Branch was opened on 26 April Bank’s Account credit and also other
its 40.90% shares. 1987 while the Lahore Branch was Bank’s Account credit under Electronic
As decided by the Board of Directors opened on 23 December 1993. Fund Transfer, EFT arrangement) and
of IFIC Bank PLC, the process is Instants Cash Payout service (Walk-in-
To meet the Minimum Capital
undergoing for selling of entire Customer having no Bank Account).
Requirement of the State Bank of
shareholding of IFIC Bank to Ms. Inward and outward Remittance
Pakistan, the overseas branches of IFIC
Sarika Chaudhary, Nepal at a purchase business during the year 2022 are
in Pakistan was merged with a reputed
consideration of NPR 6,187,007,568 shown below:
leasing company named National
subject to approvals of Nepal Rastra Development Leasing Corporation Ltd. USD in BDT in
Bank and other regulatory authorities. (NDLC) and emerged as NDLC-IFIC Year’ 2022
Million Million
As a part of withdrawal of the Bank PLC with effect from 02 October
Inward 111.05 11,471.05
investment from Nepal, Nepal 2003 and it was subsequently renamed
Bangladesh Bank was merged with Nabil as the NIB Bank Limited with effect Outward 107.27 11,080.50
Bank Limited with Swap Ratio of 100:43 from 28 November 2005. In 2017 NIB
and started operation in the name of Bank Limited again merged with MCB To facilitate Inward Foreign Remittance
Nabil Bank Limited with effect from 11 Bank Limited and IFIC Bank now holds in Bangladesh from United Kingdom,
175,508 shares of MCB Bank Limited IFIC Bank has established a fully owned
July 2022. IFIC Bank presently holds
Exchange Houses named as IFIC Money
7.77% shares in Nabil Bank Limited with 6.4 IFIC Money Transfer (UK) Limited Transfer (UK) Ltd. The Company has
representing a Director in the Board till IFIC Money Transfer (UK) Limited, a fully commenced their operation in London,
completion of sell and repatriation of owned subsidiary exchange company UK since August’ 2011.
the fund. The Bank has a network of of IFIC Bank was incorporated in UK
246 Branches at the different important and commenced its operation on 31 IFIC Bank has executed a Drawing
locations in Nepal. August 2011 to facilitate inward foreign Arrangement with Western Union, USA
remittance from the United Kingdom. for Walk-in-Customers’ Remittance
6.2 Oman Exchange, LLC business. For catering to Inward
Oman Exchange LLC, a joint venture 6.5 Correspondent Banking Remittance from abroad, at present,
between IFIC Bank PLC and the Omani Relationship IFIC Bank has Remittance arrangement
Nationals, was established in 1985 to IFIC Bank PLC has a wide range of with following 11 (Eleven) Exchange
facilitate remittance by the Bangladeshi correspondent network across the Houses including Bank’s own and Joint
wage earners from the Sultanate of world to facilitate smooth foreign Venture Exchange Houses, which are
Oman. IFIC Bank holds 49% shares in trade transactions. The Bank maintains the topmost Remittance procured
the Exchange Company and the balance 25 (twenty-five) Standard Settlement companies in Bangladesh.
Sl Exchange House Country based Covering Country Remarks

Joint Venture (IFIC
1 Oman Exchange, LLC Oman Oman
hold 49% share)
2 Placid NK Corporation USA France, Italy, Malaysia, USA
3 Multinet Trust Exchange, LLC UAE UAE
4 Sigue Global Services Ltd. UK Global
5 Xpress Money Services Ltd. UK Global

6 IFIC Money Transfer (UK) Ltd. UK UK Fully owned by IFIC
7 Mastercard Transaction Service (Trans-Fast) LLC USA Global
8 Western Union USA Global
9 MoneyGram Payment System USA Global
10 Ria Money Transfer UK Global
11 National Exchange, Italy Italy Italy

Country Wide connecvity
with IFIC Banking Centers
7. SME & Retail Products Linkage between

digital implemen-
In 2022, SME & Retail Products Division of IFIC Bank
taon of products
has changed its working methodology by focusing and services
sustainable pattern of growth and digitalization of Bank.
Through its innovative products and services, Bank
offers one Stop banking solution to bank’s customer Cung Edge
which make a remarkable affects in consumer banking. Products
Direct access to
As a part of dynamism, bank facilitates end to end mobile financial
chain of “availing to utilization” of products and services service
through its largest banking center and digitalization.
Secured and finest

Digital service for
convenient banking
With 1,212 IFIC Banking Center (as of 31st December, 2022)
7.2 IFIC Aamar Account

IFIC Aamar account is a landmark in banking industry
launched in year 2016. Besides offering attractive
interest rate, IFIC Aamar Account is a single banking
solution irrespective of any customer segment.
Product Communication Highlights

� Interest income in current account and slab-
wise interest on dalily balance myweavmg~n
• GK GKvD‡›UB Kv‡i›U I †mwfsm GKvD‡›Ui me myweav
� Appropriate account irrespective of any • ˆ`wbK e¨vjv‡Ýi wfwË‡Z AvKl©Yxq nv‡i gybvdv
w`‡q †`‡ki 13,000-GiI †ewk GwUGg †_‡K
customer segment
•
UvKv Zzjyb GK`g wd«
• †`k I we‡`‡k meLv‡b †c‡g›U Kiæb w`‡q,
Easily availed Overdraft facility in same account

GgbwK AbjvB‡bI
�
 16255   096667 16255
� No restriction on transaction number and  www.ificbank.com.bd
amount
� Free SMS Banking and Digital Banking Facility
� Cross currency Aamar card which is used as
debit card and as an alternative solution of
credit card
� Free ATM cash withdrawal through Aamar card
from any bank’s ATM all over the country
In year 2022, growth of IFIC Aamar Account in terms of balance is 25.42%

and growth of number of account is 56.44%.

7.3 IFIC Shohoj Account
Through IFIC Shohoj Account, bank creates it’s
footprint in Financial Inclusion segment. Bank
has also covered unbanked population at an
affordable rate by launching IFIC Shohoj Account.

� Easy Account opening documentation
� Open bank account with 10 tk only
� Interest bearing deposit account with
attractive slab wise interest rate
gvÎ 10 UvKvq GKvD›U †Lvjv hvq
� Monthly interest return KvMRc‡Îi Sv‡gjv †bB ej‡jB P‡j
AvKl©Yxq my‡`i nvi
� Account can be opened in single or joint GKB wnmv‡e UvKv Rgv‡bv I FY myweav
name
 16255   +880 96667 16255
� Minor can also open IFIC Shohoj account  www.ificbank.com.bd
� Unlimited number of trasaction facility

� Free enrollment in digital banking
� Eligible for applying micro finance loan
� Free cash withdrawal facility from any bank’s
ATM all over the country
In year 2022, growth of IFIC Shohoj Account in terms of balance is 54.99%

and growth of number of account is 88.29%
7.4 IFIC Aamar Bari

In 2022, Bank has bought a significant change
in process flow of home loan. As a pioneer,
Bank financed in urban, semi urban & rural area
simultaneously and offers segmented approach
for each customer segment. A new process flow
named “Primary application assessment form” > `ªæZZg mg‡q Sv‡gjvwenxb †jvb cÖ`vb
worked as a catalyst in incremental growth of > †mwg-cvKv evwo wbg©vYmn kni-MÖvg mviv †`‡k FY myweav
> hLb-ZLb B›Uv‡i÷ †iU cwieZ©‡bi Avk¼v †bB
Home loan. > †emiKvwi Lv‡Z †`‡ki Ab¨Zg kxl© weZiYK…Z †nvg †jvb
AvBGdAvBwm Avgvi evwo

� Loan available for Flat / building
purchase,Renovation/Construction/
Modification/Extension/Finishing and Take
over purpose
� Financing in Semi Pucca structure
� Financing in Urban, Semi Urban and Rural
area
� Stable interest rate
� Fastest Loan Approval through primary In year 2022, growth of IFIC Aamar Bari outstanding amount is 45.25%
assessment and growth in terms of number of account is 45.90%. Outstanding amount
� Special feature for young segment growth in urban area is 44.14% and 49.92% in rural area.
� No processing fee for loan take over
� No hidden charge

7.5 IFIC Aamar Bhobishawt
IFIC Aamar Bhobishawt has developed by targeting
the young professional customer segment with
the concept of “Build equity for future”. It is a DPS
nature product with attractive discount feature on
future credit facility.

� Deposit now and avail loan with attractive
discount in future
� Deposit any amount multiple of 500 with no
upper limit
� Flexible tenor between 1 to 10 Years
� Savings started from minor age
In year 2022, growth of IFIC Aamar Bhobishawt in terms of

balance is 60.74% and growth in number of account is 54.96%.
7.6 IFIC Aamar Rin

IFIC Aamar Rin is a bundle of secured and
unsecured product for financing against personal
requirements.

� Overdraft & Term loan facility
� Facilty of secured & unsecured loan
� Felxible personal loan facility
� Loan facility aginst financial security is also
available
� Land,finished/ unfinished registered flat or
building is eligible for collateral securities
� loan available against existing mortgaged
property
In year 2022, growth of IFIC Aamar Rin in terms of outstanding amount
is 64.99% and growth in number of account is 37.38%
7.7 Freelancer Service Package

IFIC Bank has introduce a bundle product for freelancer customer segment named IFIC Freelancer Account at the end of year 2022.
The bundle product has designed by combining an ERQ Account (Exporter’s Retention Quota account) and a local currency deposit
account – IFIC Aamar Account. An International debit card and a cross currency debit card-Aamar Card, is offered against that
accounts accordingly which will allow freelancer to use their received funds seamlessly and avail other Banking services.

� Receive remittance seamlessly from abroad
� Convenience of using received funds in foreign currency & BDT
� Pave the pathway to avail other banking services
� Interest bearing relationship account with OD facility as local currency account
� Debit card with cross currency facility
� loan available against existing mortgaged property

8. Enhancement of Services
During 2022, IFIC Bank enhances its services as described below:
Aamar Bank- Digital Banking 24/7 Contact Center IFIC Website

Solution
z Available in multiple z Product & ADC services z IFIC Inforormation

platform (Web, Android, z Assistance on personal z Product & Service details
ios App) financial services offered z Product & Service
z Fund transafer facility by IFIC application from IFIC
with multiple channel z Advanced IVR technology Website
z Service Request Facility z Account services
z Overview of Accounts &
Cards is available
8.1 MFS Integration
Various MFS Integration has been implemented by the Bank as mentioned below:
bKash bKash Nagad (IFIC to

(IFIC to bKash) (bKash to IFIC) Nagad)
Cash deposit & fund Fund transfer from bKash to Fund transfer from IFIC
transfer at IFIC IFIC Account through bkash Website, over the Counter
Branch/Uposhakha over the app Fund transfer from Debit
counter Card through Nagad app
Fund transfer from IFIC Visa
Card and account through
bkash app
Cash withdrawal from
bKash Account through IFIC
ATM Booth
8.2 IFIC Card
IFIC Bank offers cross currency Debit Card that can be used as alternative of Credit Card as well. Any ATM Booth established in
Bangladesh can be used without tranjection charge on using of IFIC Bank’s Debit Card.
Charge free
Offers both Debit transac on through Appropriate Hassle-free foreign Support cross
& Credit Card any bank's ATM all alterna ve of transac on currency facility
over the country Credit Card

8.3 Agriculture Loan 8.4 CMSME Loan of CMSME loan under “IFIC Shohoj
In last quarter of 2022, IFIC has started IFIC has made a major breakthrough Rin” and “IFIC Aamar Subornogram”.In
redesigning the product structure of in CMSME sector last year. Bank has year 2022, growth of CMSME loan in
agriculture loan. To facilitate quick & contributed significantly in socio- terms of balance is 43.75% and growth
hassle free processing and to provide economic development in post COVID of number of account is 34.95%. In
prompt service, product team has situation by participating in refinance Cottage, Micro and Small segment
rationalized Agriculture loan products schemes of Bangladesh Bank. Bank portfolio percentage is 36.26% and in
and introduce two products named has given CMSME loan to 2500 Medium segment portfolio percentage is
“IFIC Shohoj Rin” & “IFIC Aamar customer under “25000 crore refinance 63.74% of total CMSME loan portfolio.
Subornogram” based on loan amount scheme” within 2 months to make
and separate assessment criteria. In the refinance purpose successful.
year 2022, growth of Agriculture loan in Side by side, product team has also
terms of balance is 7.51% and growth of rationalized CMSME loan product and
number of account is 57.1%. include product program guideline
8.5 Overview of Agriculture & CMSME Loan Product

IFIC Bank has two Flagship Products on Agriculture and CMSME as explained below:
Bundle loan product for Agriculture, CMSME and Bundle loan product for Agriculture, CMSME and
Retail Retail
Collateral free loan facility upto 5 Lac With collatreal and colleteral free loan facility
Bundle product of Agriculture, CMSME & Retail Bundle product of Agriculture, CMSME & Retail Loan
Loan Any amount financing in Grains & Corps, Livestock,
Financing in Grains & Corps, Livestock, Fisheries, Fisheries, Seed producon, Grain ware house &
Seed producon, Grain ware house & markeng, markeng, Agriculture machineries and Rural
Agriculture machineries and Rural acvity acvity
Financing in CMSME segment in Trading, Financing in CMSME segment in Trading,
manuafacturing and Service sector. manuafacturing and Service sector upto CMSME
loan limit prescribed by Bangladesh Bank
Term Loan, Overdra and Demand loan facility
Term Loan, Overdra and Demand loan facility
8.6 Financial Inclusion In Green Finance sub segment, IFIC throughout the year 2022. A big number
Along with deposit segment, IFIC Bank has disbursed major portion in Green of services have been included, which
has created it’s footprint in Financial CMSME sector and under Sustainable has incorporated added values in
Inclusion credit segment as well. The Linked Finance, Bank’ focused area in customer experience and security.
Bank has disbursed BDT 71.1 million Year 2022 was:
PCIDSS Certification
in year 2022 under financial inclusion
IFIC Bank has earned the Payment
segment.
Card Industry Data Security Standard
8.7 Sustainable Finance (PCI DSS Version 3.2.1) certification, an
Financing in
To build sustainable growth in economy, Sustainable CMSME internationally prestigious recognition
IFIC has disbursed BDT 8,313.55 for maintaining maximum data security
million in Sustainable finance segment. or information protection of customers.
Under sustainable finance, IFIC has also IFIC Bank has been able to obtain this
focused on below two sub segments of prestigious certificate in an exceptionally
Sustainable finance: Socially Responsible short time considering the size of its
Financing
operations by complying with the
From IFIC to bKash PCI-DSS compliance standard through
bKash to IFIC the compliance assessment conducted
by Enterprise Infosec Consultants
(EIC). PCI DSS is a security standard
Under sustainable finance, IFIC has
disbursed BDT 6,967.17 million in Green 9. Alternative Delivery Services for organizations that store, process
and transmit cardholder’s data. The
Finance sub segment and BDT 1,346.38 New Enhancements Payment Card Industry Data Security
million under Sustainable Linked Finance IFIC Alternative Delivery Services team Standards Council (PCI SSC) developed a
sub segment. have implemented numerous services compliance standard intended to secure

credit and debit card transactions with transactions (risk assessment permitting), across the world. IFIC cards can be used
the aim to prevent card data fraud. Visa Transaction Advisor – a risk at all the terminals, merchant points &
assessment tool that helps determine E-Commerce Platform using Q-Cash,
Migration to Dual Interface (DI) / NFC
eligibility for a low risk exemption, Visa NPSB & VISA Channel. IFIC offers
Cards from Chip-Based Cards
Delegated Authentication – a tool that the first Cross currency debit card in
IFIC Bank PLC has successfully migrated merchants can use to take control of Bangladesh, which can be used across
all the Chip-Based EMV Cards debit the authentication process on behalf the world for seamless services from
cards to Dual Interface (DI) / NFC Cards. of the issuer, Enabling biometric and single account with automated currency
As part of the migration, all debit cards out of band authentication. EMV exchange services. IFIC offers secured
issued, re-issued and renewed from May 3DS 2.2 results in a better consumer transaction platform with PIN for card
2022 have been personalized in DI card. experience, delivering the lower levels present and One Time Password (OTP)
Migrating to DI Card will ensure highest of fraud associated with SCA, while for card not present transactions.
level of security to the customers in ensuring that transactional friction and
Achievements in 2022
card transactions and will minimize the abandonment rates are minimized, A
fraudulent activities. new feature, 3DS Requestor Initiated 1. IFIC had a total of 264K debit
(3RI), enables merchants to obtain cards at the end of year 2021,
EMV 3DS version 2.2 up gradation
additional cryptograms upon successful whereas the card base has been
IFIC Bank has implemented EMV 3DS
completion of a single authentication for increased around 65% and the new
version 2.2 solution to better optimize
merchants who need to submit several portfolio has reached to 435K by
the merchant and consumer experience
authorizations associated to one single the end of year 2022.
important features like: Ability to apply
SCA exemptions, like Transaction Risk authentication; for example for split 2. There had been a significant
Analysis (TRA) using specific indicators shipments or for travel agency purchases increment in the card transactions
in the authentication message, Access where there is more than one merchant from 2021. The overall number
to Visa’s new suite of SCA solutions that of record. transaction has been increased
help issuers and acquirers make best 9.1 Card Services around 141% and in term of
use of the exemptions, Visa Trusted IFIC Bank offers Debit, Credit & Prepaid Transaction amount the growth is
Listing – enables issuers to create a Card services to customers. All the 253%. Below are the transaction
list of trusted merchants where no cards issued by IFIC are branded with portfolio of 2021 & 2022.
authentication is needed for future VISA Inc. the largest payment network
No of Transaction (In Thousand) Transaction Amount (In Crore)

Transaction Type
2022 2021 2022 2021
ATM 7,025 3,167 6,519 2,822
Purchase 1,972 876 570 291
IBFT 805 - 3,908 -
Total 9,802 4,063 10,997 3,113
3. The increasing volume of cards & Which is 10 %( approx.) Compare to the

transactions have also contributed Card fee: Income Growth entire card industry of Bangladesh.
in the IFIC fee stream. On 2021,
200 172
79% Vision for 2023
IFIC has earned 29.1M BDT as IRF,
150 Implement IFIC’s Own Card
where the income has increased 96 z
208% and risen to 89.5M BDT. 100 Management and Switching
50 71% Solution to reduce operational
0 costs and increase operational
IRF Income Growth 2021 2022 efficiencies.
100 89.5 Amount (M) Growth
z Provide Instant Card Issuance
80 208%
Support.
60 5. To expand the debit card segment, z Increase the transaction approval
40 29.1 IFIC Bank has offered ATM cash rate and reduce both systems
69% withdrawal service without any
20 related and customer related errors
0 additional transaction charge for all
customers in any ATMs across the z Convert all cards to cross currency
2021 2022
country. which can be used for across the
Amount (M) Growth
border transaction.
Mile Stone in Foreign Card Transaction
z Implement Reward Points to
4. IFIC has earned 96M BDT from Year 2022 can be declared a Milestone increase the card transaction
debit card fee in 2021, while the for IFIC Bank PLC for processing through POS & E-Commerce and
income has increased around 79% 146000 successful foreign card reduce the dependencies on Cash
and reached to 172M BDT. transaction amounting 142.2 Crore. Transactions.

Bill Collection Service Achievements in 2022 doubled the capacity and increased
To facilitate the subscribers, IFIC Bank z Total 1047K calls have been served it to 60 at a time to enhance
PLC has integrated with different service by customer care team. The volume customer experience.
providers to IFIC Corporate panel for bill is 43% higher than 2021. z The prospective customers,
collection in the year 2022. Subscribers who are reaching out to contact
can pay/deposit their payables to z Upgraded contact center solution
is introduced, which will lead to center were previously assisted
any of the IFIC branch/ Uposhakhas with information. Now-a-days,
convenient to them which is another serve customer to take several
banking service like; DPS, FRD apart from providing information,
value edition the service of IFIC. customer care associates are also
creation, from IVR by customer
himself without interacting with capturing their data and linking
Bill Collection Amount (M) No. Trnx them with Branch and DST
any human agent.
PRAN/RFL personnel for opening the deposit
z Capacity of serving customer at and loan accounts.
COLLECTION 18643 251120
a time in IVR was 30. We have
DPDC Call Volume trend of IFIC Contact Center
COLLECTION 381 77272
DESCO 392 89233 Yearly Call Trend
NESCO 177 52366

1200 80%
9.2 Customer Care 70%

1000
IFIC Bank, aiming to provide service 60%
excellence to the customer, has been 800
50%
operating 24/7 servicing hours since
2012. By simply dialing 16255 or 600 40%
+8809666716255 customers can avail 30%
400
number of banking services anytime 20%
from anywhere. Contact Center has now 200
become an essential part of Bank to 10%
maximize customer satisfaction through 0 0%
highest service level in a timely and 2018 2019 2020 2021 2022
cost-efficient manner. The IFIC Bank
Contact Center team is dedicated to Call Volume (Thousand) 261 322 554 729 1047
provide several services that facilitate all Growth 0% 23% 72% 32% 43%
other departments of bank running their
campaigns.
Vision for 2023 from 2011 and till 2022 IFIC Bank has z Implemented up gradation of OS
z IFIC is focusing to change the installed number of ATMs. IFIC ATM and antivirus in several ATMs.
voice-based contact center to an team is focused to provide digitized z Off day ATM Cash Loading to meet
omni channel contact center where and 24/7 services to its customer in corporate requirement.
customers can reach out to the a pleasant and secured manner. The
Bank also has special arrangement with Vision for 2023
contact center multiple channels
like social media, messaging corporate houses where ATM has been z IFIC is focused on ensuring the
platform, SMS, email, voice etc. installed to facilitate their employee’s maximum usage of the ATMs,
Moreover, apart from the voice monthly salaries and other needs. The consequently ATM Team is working
services, customers will also have Bank ATMs are capable of accepting to establish 10 new ATMs in
a visual interface to avail the not only the IFIC Debit & Credit Cards, different corporate locations and
services. but also any cards from VISA (Local & Uposhakhas & Branches.
International) Q-Cash & all Bangladeshi z Implement Card-less / cash by
Smart IVR will offered to customer in cards through NPSB. Currently the
first quarter of 2023. This will enable code transactions through ATMs.
ATMs are also supporting the card-less
customer to take banking service via payments of Mobile Financial Services z Implement Utility Bill payment
web portal without any additional for better financial inclusions. transactions through ATMs.
charge. z Implement Card-activation through
Initiatives in 2022
Will act as a virtual bank. Only one call ATMs.
z IFIC team has installed 5 new
is required to 16255 to get required 9.4 Dispute & Fraud Management
ATMs in different high performing
services. A Strong Dispute & Fraud Management
branches to reduce the pressures
Necessary expansion of customer over the counter. team plays key role and provides
care to ensure the smooth service for significant support for smooth and
z 3 different ATMs have been secured card transactions. In 2022,
customer. relocated from offsite location to the Bank has taken different initiatives
9.3 ATM Services High Volume Branches to increase to minimize fraud risks and disputes
IFIC Bank has introduced ATM Services the efficiency of the ATMs efficiently.

Dispute Resolutions on 2022
Sl. Network Number of Dispute Charged Back Amount (In Millions)

1 NPSB 10,797 113.82
2 Q-Cash 1,394 17.53
3 Visa 6,509 49.47
4 MFS Transfer 58,298 99.68
5 IFIC Aamar Bank 15,789 711.15
Total 92,787 991.65
Vision for 2023 of staffs regarding their responsibilities approval process.

for risk. Senior management is there to Risk identification, measurement,
To minimize Fraud, the Bank has taken z
ensure that it is clearly communicated mitigation strategies, monitoring
initiatives to implement following
and understood to staff at all levels and control and acceptance criteria.
Projects:
in units that are exposed to material
z Ensuring Zero level fraud in card operational risks. In order to z Managing credit risk in the
transactions implement the policy effectively, senior administration process.
z Ensuring safety of plastic money management must also set up suitable z Management Information System
through PCI-DSS Security. monitoring and control procedures. for managing Credit Risk.
z Ensure 100% SLA for Dispute The policy should be regularly reviewed z Concentration limits on single party
settlement. and updated, to ensure it continue or group of connected parties,
to reflect the environment within particular industries or economic
z Reduce Dispute Settlement which the bank operates. Along with sectors, geographic regions and
timeline. senior management, the Board Risk specific products.
Management Committee (BRMC), which
z Risk based pricing.
10. Risk Management is a representative of Board Members, is
there to ensure overseeing and signing z Policies for the frequency and
The main goals of risk management thoroughness of collateral
off risk-related disclosures to investors,
procedures in the banking sector are verification and valuation.
customers and regulators. These
to control a bank’s exposure to losses
disclosures provide external parties z Review and approval authority of
or risk and to safeguard the asset value
with a clear and accurate account of the allowances for probable losses and
of the bank. Boards have the ultimate
institution’s current and projected risk write-offs.
responsibility for overseeing risk-taking
appetite, profile and governance of IFIC. Guidelines on regular monitoring
in their institutions. z
Finally, Boards find themselves today and reporting systems.
Board of Directors of IFIC is fully
at an inflection point. As the banking z Guidelines on management of
aware of the types of risks inherent in
industry of Bangladesh is becoming problem loans.
business lines and takes appropriate
more complex and competitive, Boards
steps to ensure continued awareness z Policies on loan rescheduling and
are expecting more ownership for risk
of any changes in the level of risks. restructuring.
issues. In line with that IFIC Board
They have defined the risk appetite, The Bank rigorously monitors
of Directors has also stepped up to z
risk tolerance and risk limit, and set risk sanctions of loans as well as their
the new challenges and built more
strategies. The board also ensures that recovery.
robust oversight mechanisms to risk
the management is taking necessary
management. Segment Information
steps to implement those strategies
and manage accompanying risks. The 10.1 Credit Risk Management IFIC Bank will maintain a balanced
Board of Directors has made it clear Credit risk refers to the probability credit portfolio through minimizing loan
to management that risk management of loss due to a borrower’s failure to concentration in a particular sector
is not a barrier to conducting business make payments on any type of financial encouraging loan diversification and
or merely an addition to a company’s obligation. Credit Risk Management expanding product range. IFIC Bank
overall compliance program, but rather is the practice of mitigating the have focus on the following industry
is a crucial part of the organization’s said losses of a bank. Better Credit and business sector to maintain a
strategy, culture, and value creation Risk Management also presents an balanced credit portfolio:
process. opportunity to greatly improve overall z Encouraged Sectors
performance of the Bank.
The Board of Directors is strongly z Retained Sectors (Normal Growth)
committed to establishing a bank- The Credit Risk Management Policy of z Discouraged Sectors (No Growth)
wise risk culture that is built on a IFIC Bank addresses the following:
thorough understanding of the risks the Credit Concentration Risk
z Definition of Credit Risk, Types
organization faces and how those risks Concentration of credit risk in asset
of loan facilities, facilities offered
are managed, considering risk tolerance portfolios has been one of the major
to corporate clients, discouraged
and appetite. They have developed the causes of bank distress. Concentration
business types/sectors.
risk culture through policies, examples, risk arises when Bank invest most or all
z Detailed and formalized credit of the assets to single or few individuals
communication, and ensuring training

or entities or sectors or instruments. Trends of last 03 years Lease Finance 3. Visiting Branches for direct
To avoid this circumstances, IFIC Bank [O/S] communication with the Branch
pay attention to the following credit officials and different borrowers.
concentration risk areas:
Lease Amount 4. Monitoring of Court cases through
z Sector wise exposure meeting among the Branches
[BDT in Million]
z Division wise exposures and dealing with lawyers to avoid
unwanted delay of legal process.
z Group wise exposure
294.52
z Single borrower wise exposure 5. Rescheduling of NPL Accounts.
227.18
z Top borrower wise exposure 186.91 6. Settlement of NPL Accounts by
amicable settlement.
Details of Accounts Restructured
When borrower face a problem to pay 7. Engagement/Entrustment of
back his payment obligation due to in difficult Accounts to Recovery
2020 2021 2022 Agents.
sufficient cash flow. At this time, for
smooth repayment of the client, Bank Amount
has restructured loans [classification 10.3 Foreign Exchange Risk
status: UC, SMA & SS (Not default)] for Management
specific time period. 10.2 Special Asset management Foreign Exchange risk arises when
Special Asset management (SAM) a bank holds assets or liabilities in
IFIC Bank follows the following issues directly manages the Non-Performing foreign currencies and impacts the
while considering application for loan Loans (NPL) for recovery/ regularization. earnings and capital of bank due to
restructuring of unclassified loans: Non-Performing Loans (NPL) have the fluctuations in the exchange rates.
z When a borrower asks for become a worrisome issue for the Bank. No one can predict what the exchange
restructuring of loan, the bank NPL has adverse effect on the Bank on rate will be in the next period, it can
meticulously examines the reason its day-to-day operation and profitability. move in either upward or downward
for loan restructuring. direction regardless of what the
IFIC Bank PLC has unlimited appetite for
z Overall repayment capability of the recovery from NPL and is exerting all out estimates and predictions were. This
borrower. efforts to chase NPL, to arrest upward uncertain movement poses a threat
trend and to keep the percentage of to the earnings and capital of bank, if
z Review the borrower’s cash flow
classified loans at an acceptable level such a movement is in undesired and
statement, audited balance sheet,
for improvement of asset quality. SAM, unanticipated direction.
income statement and other
financial statements in order to Recovery Hub, Loan Performance Commercial banks, actively deal in
ensure whether the borrower Management Division & Legal Affairs foreign currencies holding assets
would be able to repay the Department are working together to and liabilities in foreign denominated
restructured installments/existing maximize recovery from NPL and to currencies, are continuously exposed
liability or not. avoid new classification to achieve the to Foreign Exchange Risk. Foreign
organizational goal. Exchange Risk of a commercial bank
Trends of last 03 years Loan
IFIC Bank PLC has a Recovery Policy comes from its very trade and non-trade
Restructuring
approved by the Board of Directors services. To provide comprehensive
for strengthening recovery of Non- guidelines on foreign exchange exposure
Loan Restucturing management in the context of a bank’s
Performing Loans. To expedite recovery
[BDT in Million] financial treasury objectives, existing
from NPL, Bank also redesign its existing
recovery process & introduce a new business activities and operating
8000
entity named Recovery Hub. To expedite environment, a “Foreign Exchange Risk
6,726.20
the recovery process and to reduce the Management Policy” is required.
6000
lead time, bank has also introduced a Treasury Division of the Bank acts to
4000 SAM Operational Manual with specific minimize Foreign Exchange risk as one
1,641.24 “Time Frame” for different steps for of the main responsibilities. There is a
2000
511.70 quick action as well as recovery from clear demarcation among the functions
0 individual NPL Accounts. of Treasury Front Office, Mid Office
2020 2021 2022 and Back Office. Treasury Front Office
On the basis of Recovery Policy, SAM
Operational Manual and related circulars manages and controls day-to-day trading
Amount
of Bangladesh Bank, LPM Division is and fund management activities and
taking following steps for recovery of ensures continuous monitoring of the
Assets disclosure given on operating & NPL and increasing profitability of the level of assumed risk and take necessary
finance lease Bank: actions. Mid Office and Back Office are
Lease finance are made to acquire the 1. Close monitoring on Deteriorating conducting operations in a separate
assets selected by the borrower (lessee) Accounts as per SAM Operational location apart from Treasury Front
for hiring of the same at a certain Manual. Office. To ensure minimum level of risk
agreed terms and conditions with the reporting lines of these three offices are
bank (lessor). In this case bank retains 2. Teleconference/ virtual meeting separate and independent.
ownership of the assets and borrower with SAM, Hub, Branch & Legal
Affairs Department to expedite A number of steps have taken by Bank
possesses and uses the same on
recovery. to minimize the foreign exchange risk.
payment of rental as per contract.
The Bank has formulated Treasury

Manual and Foreign Exchange Risk z Approve and periodically review
Management Policy as per directives of the transfer pricing policy of the
Bangladesh Bank. Bank also developed bank Audit &
different strategies and set some limits z Evaluate market risk involved in the Inspecon
for Treasury to control Foreign Exchange launching of new products
Risk, e.g., Net Open Position (NOP)
Limit (Set by Bangladesh Bank), Overall z Review deposit-pricing strategy,
Gross Limit for forward transaction, Stop and
Loss Limits for per deal and per day, z Review contingency funding plan Internal Control
for the bank & Compliance
Counter Party Limit. Treasury Division
also analyze the future risk arises from The ALM desk, through its own market
adverse fluctuation of Foreign Exchange analysis and market intelligence Monitoring Monitoring
Market and takes necessary steps to presented the market outlook
minimize the risk of possible losses and throughout the year, gave an explicit
to maximize the profit. idea about the market risk and liquidity
10.4 Asset Liability Management risk for availing market opportunities for
IFIC Bank PLC has established an
Asset Liability Management (ALM) investment and fund deployment in the
appropriate and effective internal
can be defined as a mechanism to market. The broad responsibilities of the
control environment through the
address the risk faced by a bank due to ALM desk are as follows:
Board of Directors, Management,
mismatch between assets and liabilities z To oversee the growth and organizational and procedural controls
across various time horizons either due sustainability of assets and and an independent audit mechanism
to liquidity or changes in interest rates. liabilities. in order to ensure that the Bank is
Asset Liability Management (ALM) z To manage and oversee the overall managed and controlled in a sound and
seeks to limit risk to acceptable levels activities of Money Market. prudent manner. The bank identifies
by monitoring and anticipating possible its weakness through internal control
z To manage liquidity and market risk
pricing differences between assets and system and takes appropriate measures
of the bank.
liabilities. to overcome the weaknesses.
z To understand the market
To mitigate various risks in this regard dynamics i.e. competition, potential The Board of Directors of the bank
banks have its own ALM policy approved target markets etc. for expansion of has established an Audit Committee to
by the BODs. Under the bank’s ALM the business. monitor the effectiveness of internal
policy, the management and the BODs control system of the bank. The
take necessary care as guided by z To Provide inputs regarding Audit Committee meets the Senior
our Central Bank. Asset and liability market views and to suggest Management periodically to discuss
management process is managed by proper balance sheet movement the effectiveness of the internal control
the Asset and Liability Management (expand or shrink) to cope with the system of the Bank and ensure that
Committee (ALCO), comprising of the changing situation in the market or the management has taken appropriate
senior management of the bank. The in the economy. actions as per the recommendations
major responsibilities of ALCO are as z To keep records of ALCO meetings, of the Internal Audit Team, Bangladesh
follows: to monitor the implementation Bank’s Inspection Team & External
z Ensure that bank’s measurement status of the action taken in ALCO Auditors.
and reporting system accurately meetings etc.
The key functionalities that have been
convey the degrees of liquidity and ALM technique helps to manage the established in reviewing adequacy and
market risk volume, mix, maturity, rate sensitivity, integrity of the system of internal control
z Monitor the structure and quality and liquidity of assets and are as follows:
composition of bank’s assets and liabilities as a whole so as to attain z The BoD set up an organizational
liabilities and identify balance sheet predetermined acceptable risk limit. structure of Internal Control
management issues that are leading 10.5 Internal Control and Compliance and Compliance Division (ICCD)
to underperformance Internal control is a process, effected in such a way that, it has no
z Decide on the major aspects of by Board of Directors (BoD), Senior conflict of interest with the
balance sheet structure, such as Management and all levels of personnel, regular management of the bank
maturity and currency mix of assets designed to provide reasonable and fulfill the requirements as
and liabilities, mix of wholesale assurance regarding the achievement directed in the Rule 15 (Ga) (1) of
versus retail funding, deposit mix, of objectives in the effectiveness and BCA (Bank Company Act.) 1991
etc. efficiency of operations, the reliability of for establishing and maintaining
z Decide on how to respond to financial reporting and compliance with effective internal control and risk
significant, actual and expected applicable laws, regulations, and internal management having regard to the
increases and decreases in required policies. A system of strong internal complexity of the activities of the
funding controls can help ensure that the goals bank its size, scope of operations
and objectives of a banking organization and risk profile;
z Review maturity profile and mix of
will be met, that the bank will achieve z Different committees have been
assets and liabilities
long –term profitability target and formed consisting of relative
z Articulate interest rate views of the maintain reliable financial and managerial stakeholders with expertise on the
bank and decide on balance sheet reporting. subject matter to assist the Board
strategy in guiding the Bank’s operation in

line with corporate mission, vision Evaluation of Effectiveness of Internal which proceeds from criminal activities
and strategies. Control is disguised to conceal their illicit origins
Audit & Inspection are conducted which has its tradition of eroding the
z The Senior Management Team (SMT)
across various departments/ units stability of financial institutions and
of the Bank reviews the overall
and all branches, in alignment with weakening the role of economic growth
effectiveness of the control system of
the annual audit plan, as approved in financial sectors of a country.
the bank on a yearly basis and provides
by the Board’s Audit Committee. feedback to the Board of Directors on Prevention of Money Laundering (ML)
The frequency of branch audit the effectiveness of internal control and Terrorist Financing (TF) is one of
is determined by the level of policy, practice, and procedure. the key challenges for banks, financial
risk assessed independently and institutions and a country as well since it
objectively. Findings of the internal can potentially damage and pose serious
audit are submitted to the Audit threats to the integrity and stability
AUDIT
Committee for review during their of a financial system as well country’s
meetings. economy as a whole. Banking sector is
z Information system auditors one of the most vulnerable sector for
evaluate risk management practices Money Laundering, Terrorist Financing
Audit & Inspecon Covers and Proliferation Financing due to its
to determine whether the bank’s
IS-related risks are properly
160 Branches nature of business, types of customer
managed. They conduct audit and product, delivery channels, external
on overall information & related 1,046 Uposhakhas linkage, technology used and ownership.
technological security aspects. ….…………………………………………………
The process of Money Laundering and
Terrorist Financing is ever evolving
z The Audit Committee of the and new technologies have been
Board reviews the internal control 21 Divisions & Departments used by Money Launderers & Terrorist
findings identified by the Internal 2 Subsidiaries Financers. IFIC Bank recognizes that
Audit of the Bank, Inspection Team prevention of Money Laundering (ML)
of Bangladesh Bank and External and Combating Terrorist Financing
Auditors. (TF) is a team effort and to protect the
z The Audit Department prepares
z The Head of Audit has direct reports on individual inspection banking industry from these threats, IFIC
access to the Audit Committee programs and submits the same Bank has been working in partnership
as and when required to ensure to the branch/business unit for with Bangladesh Financial Intelligence
submission of internal audit rectification with a copy to line Unit (BFIU), financial institutions and
findings to the Audit Committee. management. different government departments and
other key stakeholders to put in place an
z The monitoring department of the z ICCD prepares an annual effective regime to fight against these
ICCD checks for compliance with integrated report on the health crimes and protect itself from risks. Local
policies and procedures and the of the Bank to be submitted to regulators have taken various initiatives
overall effectiveness of internal the Board of Directors for onward against Money Laundering and Terrorist
control system. The Bank continues submission to Bangladesh Bank. Financing and IFIC Bank is aligned with
to review different control tools z At the end of the year, a summary such emergent initiatives.
i.e. LDCL, DCFCL, QOR and report on the audit findings is
Risk rating on regular basis and Money Laundering Prevention Act, 2002
prepared and corrective actions
highlights of significant findings in was promulgated by the Government
taken which are forwarded to the
respect of any non-compliance. of Bangladesh for the first time
Audit Committee of the Board
which came into force on April 30,
z The Compliance Department of the and the Managing Director & CEO
2002. Subsequently Government of
ICCD ensures timely and proper simultaneously.
Bangladesh enacted Money Laundering
compliance (both internal and z Based on the review of monitoring Prevention Act, 2009 and finally in 2012
regulatory) with the relevant laws, reports the audit team also conduct (amendment-2015), Anti-Terrorism
regulatory instructions/circulars/ surprise check on the branches Act, 2009 (amendment 2012 & 2013),
guidelines and internal policies and where regular gaps are identified. Anti-Terrorism Rules 2013 & Money
procedures in banking operations.
z Self-Assessment of Anti-Fraud Laundering Prevention Rules 2019 and
Compliance Department acts as
Internal Controls is carried out on IFIC Bank PLC has been complying with
contact point when regulatory
half-yearly basis and is submitted laws and all other rules and regulations
inspections are conducted,
to Bangladesh Bank as per related to AML/CFT issues since the
ensure that corrective measures
requirement of DOS Circular Letter beginning. The Board of Directors and
are taken and appropriate and
No. 17 dated 07 November, 2012 the Senior Management views Anti
timely response is as soon as the
& 10 dated 09 May, 2017 issued Money Laundering and Combating the
inspection report is received.
by Bangladesh Bank after receiving Financing of Terrorism as part of risk
z The Board of Directors holds compliance confirmation from management strategies and not simply
meetings at suitable intervals with respective stakeholders. as a stand-alone requirement that is
Senior Management, External being imposed by the legislation as well
Auditors and the Audit Committee 10.6. Prevention of Money Laundering
very much aware of the consequences
for evaluating the effectiveness Prevention of Money Laundering & of Money Laundering and Terrorist
of internal control system and Financing of Terrorism Financing offences and therefore, due
provides necessary guidance. Money laundering is the process by importance is given on the compliance

issues for a balanced business activity with BFIU on AML/CFT issues. IFIC Therefore, the Bank made large
and sustainable growth. Bank has updated existing Watch List investments in technology to sustain
Check (WLC) Software for screening its goal for maintaining continuous
As per BFIU’s directives and with the
customers against different Sanctions improvement. Last year the Bank
approval of the Board, the Bank has
list and implemented “FIRCO Continuity invested in technology based on these
prepared a comprehensive policy on ML
Solution” for screening trade activities goals and objectives. The technology
& TF named “Money Laundering and
against different Sanctions Lists. division ensured system availability, end
Terrorist Financing Risk Management
Presently IFIC screen customers & user satisfaction, system automation,
Guidelines-2016” which was
transactions against UN, OFAC, EU, cost savings, innovation in technology &
subsequently, amended in 2019. The
HMT & Local Banned List. Bank has service delivery, cybersecurity posture
Bank has its own Customer Acceptance
introduced internationally standard and employee engagement. Based on
Policy (CAP) which was also reviewed
Vessel Tracking System (VTS) namely these parameters the division improved
& updated in 2022. As per directives
“LLOYD’S Customer Intelligence”, for in the areas of Business Intelligence,
of BFIU vide its Circular No.24 dated
tracking shipment routes, country & System Automation, International
10.12.2019, Bank has developed
port of destination, importing country Certification adaptation, Security and
“Guidelines for Prevention of Trade
and screening of ship owners, vessels & Technology Enhancement.
Based Money Laundering” in 2020 and
containers and authentication of Bill of
was duly approved by the Board. The details of these improvements are
Lading as well.
described below:
The AML compliance and its activities
For creating awareness on AML/CFT
in the Bank are carried out by AML & 1. Business Intelligence
Laws, Rules, Regulations, Guidelines,
CFT Department at Head Office. As Business Intelligence involves
Policies and Circulars issued by the
per BFIU’s directives (latest under BFIU making intelligent decisions using
regulators from time to time and
Circular No.26 dated 16.06.2020), the historical data to improve existing
Guidelines, Policies and Circulars
Bank has formed a Central Compliance strategies by analyzing the data
issued by the Bank, the Bank has
Committee (CCC) comprising Executives and provide insight. This data
been arranging regional, In-house as
& Head of different core business visualizations helps us to present
well as virtual training programs by
Departments/Divisions. The CCC calls complex information in simple
internal & external resource persons
meeting at every Quarter-end to review formats. This intelligence helps to
on “Prevention of Money Laundering
Bank’s overall AML & CFT activities, make smarter, faster, and better
and Combating Financing of Terrorism
policies, procedures, compliance decisions.
with particular focus on Trade Based
status and issuance of new Circulars a. Fusion Retail Analytics (FRA)
Money Laundering & Credit Backed
& directives in this regard. The CCC Fusion Retail Analytics (FRA) is
Money Laundering” for all levels of
sets out AML & CFT strategies of the a software solution designed to
Officials (newly recruited/refreshers)
Bank and follow up the progress of help retailers collect and analyze
working in different Branches and at
its implementation. The CCC seeks data to make informed business
different Units/Departments/Divisions
decision and prudent guidance from the decisions. The solution provides
of Head Office of the Bank. In 2022,
Managing Director and CEO and the retailers with real-time insight
a total of 15 physical & virtual training
Board of Directors regarding ML & TF into sales, customer behavior,
programs have been arranged with
issues as and when required. inventory management, and
participation of 2122 officials including
A Deputy Managing Director has been one Lead Bank training sponsored by other key metrics. This enables
assigned as the Chief Anti Money our bank with BFIU’s resource held in retailers to identify trends, predict
Laundering Compliance Officer Bagerhat District where 67 Officers of sales and optimize operations to
(CAMLCO) to supervise the overall AML different banks of this region attended. improve profitability and customer
& CFT activities and compliance. The During the year 2022, we arranged an experience.
Deputy CAMLCO looks after the day- Awareness Program on AML & CFT for FRA leverages statistics, and artificial
to-day AML functions as the Head of Senior Management on 03.09.2022 intelligence to analyze the current
AML & CFT Department and assists the in collaboration with BFIU in which and previous data to make accurate
CAMLCO in devising AML goals, policies 31 executives attended the program. forecasts. This helps predictive analytics
and programs. Moreover, some other sessions were to detect fraudulent transactions,
conducted for creating awareness inaccurate credit applications, identify
The BAMLCOs of 169 Branches carry among officers of the bank. As per
out AML & CFT compliance programs theft and false insurance claims. This can
CCC’s directives, Officials of AML & CFT also analyze customer buying behavior
of the Bank at Branch level. They are conduct surprise visit and inspections
mainly responsible for ensuring KYC of to gauge cross-selling and upselling
at the Branches for checking Records/ opportunities.
the Customers, Risk Categorization of Activities and creating awareness on
the Customers, Transaction/ Structuring AML & CFT issues as well. Some of the services of Fusion Retail
Monitoring, Screening of Sanctions List, Analytics incorporate:
arranging AML Meeting(s) at Branch
11. Information and z Data integration: Fusion Retail
level, Record Keeping and Reporting of
Analytics integrates data from
Suspicious transaction/Activity (STR/ Communication Technology multiple sources, including point
SAR). (ICT) of sale (POS) systems, customer
As per BFIU’s directives, the Bank 11.1 Introduction relationship management
has implemented goAML Software IFIC Bank have adopted the strategy (CRM) systems, and inventory
provided by United Nations Office on for Unbounded Customer Experience management systems, to provide a
Drugs and Crime (UNDOC) for Cash with long term sustainable Growth, complete picture of your business.
Transaction, STR/SAR, other required Low Risk, Low Cost, Best in Class z Real-time insights: The solution
reporting and for communicating Service Delivery & Diversified Portfolio. provides real-time insights and data

visualization to aid retailers make z Cost savings: By reducing manual provides your customers with a
informed decisions quickly and work and increasing efficiency, this smooth and consistent experience,
accurately. help the Bank to save money in reducing frustration and increasing
z Customer behavior analysis: Fusion the long run and reduce operating customer satisfaction.
Retail Analytics provides retailers costs. z Increased efficiency: By providing
with insight into customer behavior b. Card Management Software (CMS) a one-stop solution, businesses
and preferences so they can create To enhance our digital service, IFIC is can reduce the number of repeat
targeted marketing campaigns and introducing new Card Management customer contacts and improve
improve customer experience. System which is playing a core role in efficiency.
z Sales forecasting: Fusion Retail processing digital transactions with z Better data management: By having
Analytics enables retailers to minimum efforts. Now the Bank’s all customer interactions in one
forecast sales based on historical customers are enjoying several place, businesses can maintain
data so they can make informed advantages: a complete and accurate record
decisions about inventory levels, z Increased security: Bank can of customer interactions and
staffing, and promotions. provide better protection on its gain valuable insights for future
credit and debit card information interactions.
Overall, Fusion Retail Analytics is
intended to help retailers make data- from potential fraud and theft z Increased loyalty: By providing
driven resolution to enhance their action by managing its own card a positive customer experience,
and grow their business. management software periodically businesses can increase customer
and with on premise hardware. retention and reduce the likelihood
11.2 System automation that customers will switch to
z Improved control: Now, Bank can
System automation has become an competitors.
effectively monitor and manage
essential part of modern Bank like
card transactions and maintain 1.3 International certification
IFIC. By automating routine tasks and
Central Bank compliance. Bank have achieved multiple
processes, the Bank improved its agility,
reduced costs, and improved overall z Increased flexibility: Bank can use international certifications this year
system performance and reliability. its own card management software for security enhancement different
This year the Bank have automated to set custom alerts, transaction domains. These certifications provide a
its accounting, procurement, asset limits, and other controls according standardized framework for evaluating
management and customer experience to own and central bank policies. and improving the security posture
system. These are: z Potential cost savings: By managing of the Bank. The widely recognized
its own card management software, certifications are:
a. Enterprise Resource Planning (ERP)
In this connection, the bank will the bank can reduce reliance on a. ISO 27001:2013 Certification
implement inventory, shipping any third party payment processing IFIC Bank PLC has achieved
management, cash transport, VAT and institutions, potentially reducing internationally recognized ISO
automated management of the pool in the costs associated with these 27001:2013 certification for its
2022. services. Information Security Management
c. Customer Experience Center (CES) System (ISMS).
After implementing these modules,
banks began to experience the following With a vision of best customer service Implementing this standard provides
advantages: provider, IFIC has introduced one stop several benefits to customers, including:
customer service where 22 services
z Integration: ERP integrates z Improved security: ISO 27001
can be catered from one counter. CES
various business processes such helped the Bank to develop a
(Customer Experience System) is one
as accounting, human resources, comprehensive and effective
such a kind of tool where all the services
and supply chain management information security management
have brought down under one umbrella
into one system. It provides a system (ISMS) which can protect
to streamline customer service with
centralized view of customer data sensitive and confidential data from
minimum latency and proper validation.
and operations. unauthorized access, theft, or loss.
CES includes complain management
z Efficiency: The Bank reduces system, digital onboarding, document z Enhanced privacy: The Bank
manual errors, eliminates management system, bond management adopted the best practices for
duplication, and increases system, ADS services etc. protecting personal and sensitive
productivity, by this automation. information, helping organizations
This one stop customer service provides to maintain privacy and comply
z Better decision-making: This several benefits for customers, including: with privacy laws and regulations.
automation provides real-time data
z Convenience: Customers can meet Compliance: Bangladesh Bank
and insights to the management. z
all their demands in one place, was guiding the Bank of adopting
This helps the banks to make
diminishing the time and effort the 27001 frameworks for secure
informed decisions and respond
essential to resolve their issues. Bank’s environment.
quickly to any business conditions.
z Faster resolution: With all Increased credibility: The Bank
z Increased transparency: z
the information in one place, demonstrates its commitment to
This automation provides a
customer service representatives information security, which lead
comprehensive view of a bank’s
can immediately access required to increase the credibility and
operations and performance,
information to resolve their issues, enhance reputation in the market.
enables greater insight into
resulting in faster resolution times.
business activities, and reduces z Competitive advantage: ISO 27001
the risk of fraud and other types of z Improved experience: A one- will provide organizations with a
financial mismanagement. stop customer service approach competitive advantage by helping

them to differentiate themselves customers, including: accessed with a password or encryption
from others and establish trust z Security: NAC helped to secure key. This protects the data stored on the
with customers, partners, and other Bank’s network by controlling and disk from unauthorized access, theft, or
stakeholders. monitoring access to the network loss. The Customer of the will have the
based on specific policies. NAC below highlighted benefits:
11.4 Security enhancement
The Bank have invested for prevents unauthorized access, z Data protection: Encrypting the
technical enhancement to protect an mitigate security threats, and customer data on a disk helps
organization’s systems and data from reduce the risk of data breaches. protect customer data from
unauthorized access, modification, or z Compliance: NAC helped the Bank unauthorized access, theft, or loss.
destruction. Some of the milestone for to comply with regulations such as z Compliance: Disk encryption is a
enhancing security include: PCI-DSS, ISO27001, and others requirement for organizations that
a. Network Access Control (NAC) by enforcing access policies and need to comply with regulations
Upgradation monitoring network activity. such as Bangladesh Bank, ISO
The Bank have successfully completed z Improved visibility: NAC provide 27001, and others.
the security enhancement by the Bank a greater visibility into z Improved security: Disk encryption
implementing the project of NAC the devices and users accessing makes it more difficult for cyber
upgradation. The technology team have its network, detect and respond to criminals to access sensitive
transfer 6000 user and devices to the security threats more effectively. customer information stored on a
new solution. Migrated from old NAC to z Network optimization: NAC helped disk.
NEW NAC, configured all branch switch, the Bank to optimize network 11.5 Technology enhancement
router, uposhakha router and Head performance by controlling the The Bank have also enhanced some
office switches and ATM routers, new number and types of devices existing platform to improve its
Branch routers are configured in NAC accessing the network and functionality, user experience, and
for ATM security, guest Wireless login ensuring that only authorized security. Below are some enhancements
authentication has been tested, will be devices are connected. done in 2022:
integrated with new WIFI solution, old
ACS server has been migrated to New b. Disk Protection a. Omnichannel Contact Center
Tacaas System and Tacaas System has The Bank have implemented disk The Bank enhanced existing Contact
been integrated with NAC. encryption technology for the sensitive Center to Omnichannel Contact Center
mobile devices. With this process (OCC) that integrated with multiple
The Bank will provide several benefits to mobile sensitive device data can only be systems. The OCC provides a seamless
The upgradation of this system has brought various advantages to the customers of IFIC.
z Convenience: Customers can z Personalization: Customers can advantages of the IVR, the OCC
choose the most convenient receive personalized attention and has also created an upper hand in
communication channel for them. service based on their history and fund transfer, DPS opening, FDR
z Consistency: Customers receive preferences. opening and so on.
a consistent experience and z Increased Satisfaction: Customers b. Power Connection enhancement at
level of service regardless of the are more likely to be satisfied with Data Center
communication channel they use. their experience when they can The bank implemented bypass power
z Speed: Customers can get quick choose the communication channel connections directly from the generators
answers to their questions or that works best for them and to the newly installed redundant DBs to
resolve issues quickly through the receive consistent and personalized power data center in an emergency (e.g.
use of multiple channels. service. In addition to the general main DB failure, ATS failure, etc.).

shareholders, stakeholders and all
statutory and market regulators.
13. Human Resource

Management (HRM)
Human Resource is the crucial strategic
enabler and key asset for any business.
IFIC Bank believes that great innovations
and ideas driven by quality human
resources which results in market leading
products, services and contribute to
competitive advantages. The Human
Resource Management Division of IFIC
Bank creates a bridge between the
employer and employees managing
the administrative functions along with
taking lead in fostering a positive work
environment which emphasize on fair,
competitive and merit-based qualities.
IFIC Bank gives utmost commitment to
recruit potential talents and encourages
Technology division have ensured the its stakeholders, the society and the them to focus on their growth and
below after implementing this improved environment as well. career progression. It invests on
power connections: employees by arranging continuous
The Bank complies with the guidelines training for developing their skills to
z Improved reliability: This regarding composition of the Board deliver top performance.
mechanism has increased the of Directors, all of its Committees,
reliability and stability of power terms of the Office of the Directors As a private commercial Bank, IFIC
supply to the bank’s data center by as well as competency and eligibility generates the highest number of
reducing the risk of power outages of the Directors as outlined by the employments in the country which
and downtime. Bangladesh Bank, the Companies Act, ultimately contributes to the country’s
1994 and the Bank Company Act, 1991 economy. The Bank develops diverse
z Enhanced security: Extending the
(Amended up to 2018). The Bank has work force for the employee by
power connection to the bank’s
also implemented the requirements implementing progressive human
data center adds an extra layer of
of the Corporate Governance Code resource management policies and
security and ensures that the data
of the Bangladesh Securities and strategies to make the employee as
center continues to operate even
Exchange Commission as enumerated Bank’s living brand ambassador.
in the event of a power outage.
in its Notification No. BSEC/ IFIC Bank continuously reviews its
z Competitive advantage: Data
CMRRCD/2006-158/207/Admin/80 Organogram based on volume of
centers with improved power
published in Bangladesh Gazette on 10 business, change of service pattern
connections are more attractive
June 2018. & technology, automation of process,
to customers and can provide a
competitive advantage over other Pursuant to the above Notification of business complexity and functionality,
banks in the country. BSEC, the compliance status of the Bank places the right employee at the right
has been reported in this Annual Report place at the right time. All the effort
for information. Some of the statements, in combination ultimately assist in
12. Corporate Governance maximizing the outcome in the bottom
i.e. Directors’ remuneration, five years’
IFIC Bank is always committed to operating and financial data, the report line.
adopting highest corporate governance regarding meetings of the Board of Some Highlights of IFIC HR
standards for attaining its operational Directors and its Committees, the
goals. At IFIC, Corporate Governance report on the pattern of Shareholding, Growth of Human Resources
is aimed at increasing the shareholders’ Management Discussion and Analysis, IFIC had around 23.89% growth in
value by being efficient, transparent, etc. have been incorporated in this number of employees from 2021 to
professional and accountable to all of Annual Report for information of the 2022.
3,956 4,901
Regular Workforce in 2021 Regular Workforce in 2022
23.89%

Distribution of Human Resources Bank. Availing any kind of undue or
IFIC had 4,007 and 894 employees in its Fig: Employee by Age illegal benefits/facilities irrespective of
Branches and Head Office respectively any form will be treated as malpractice.
in the year 2022.
405 Commitment to Environment
81.76% (8.3%) Emphasizing on the area of
588 energy and climate change
(12%) IFIC Bank tries to support
the process of sustainable
2,835 economic growth of the
(57.8%) country.
1,073
18.24% (21.9%)
Zero Tolerance to Violence,
Harassment,
Discrimination
IFIC Bank PLC strictly
prohibits any demonstrations of violence
18-30 30-40 or threats and harassment by any
40-50 50-65 employee against any at any time. It
does not tolerate discrimination since
the Bank ensures equal opportunity
Branch Head Office Confidentiality for all employees. Here employment
All employees are expected is based on meritocracy and personal
to ensure and defend the qualification.
Gender wise Distribution of Human
organization’s property
Resource: Age wise Distribution of Transparent and Accurate
following the operational
Human Resource: Reporting
and IT security policy meticulously and
ensure information confidentiality with The Bank ensures that
73.39% 26.61% utmost security. its Financial reports and
communications are genuine, complete,
(3,597) (1,304)
Acceptance of Gifts and accurate and must not be deceiving.
Employees are discouraged It maintains appropriate records as per
to accept gifts, benefits or policy with adequate points of interest
any sort of questionable so that these may precisely reflect the
offers from customers and financial condition and result of the
persons associated with the Bank’s Bank.
interests.
13.2 Employee Engagement Programs
Anti-Money Laundering and Awards
13.1 Code of Conduct and Terrorist Financing IFIC Bank always gives focus to engage
At IFIC Bank, code of conduct is a IFIC prohibits any kind it’s employees through different events,
primary tool through which it sets it’s of money laundering and programs where all employees can
conduct expectations, and therefore, formulates Anti-Money participate with equal enthusiasm. IFIC
emphasizes on the importance of an Laundering guidelines acknowledges every employee as part
effective code of conduct and ethics and ensures best practices to take of “IFIC Family” who are bound together
policy to promote a fair and ethical appropriate preventive measures against to grow together to achieve mutual
practice in the Bank. any kind of fraud and money laundering. goals. Employee engagement activities
IFIC Bank has established principles that are aimed to enhance the employee
are detailed in our Code of Conduct and Work Environment commitment and sense of belongingness
Ethics Policy and applicable for anyone IFIC expects that employees towards the Bank. Every year, IFIC Bank
associated with the Bank. IFIC’s Code should conduct themselves arranges different programs to boost
of Conduct and Ethics Policy reflects with the highest standard up their morale and to ensure greater
individual and collective commitment of integrity and professionalism both level of bonding and engagement among
to excel the practice of corporate inside and outside of the workplace. them.
governance principles and activities by They shall take necessary actions to
placing due attention on the compliance ensure that their behavior/actions do
for enhancing its internal and external not compromise the business interests,
credibility and establishing transparency. safety and security or confidentiality of
their place of employment.
In a total of 4,901 employees, numbers
of male & female employees are 3,597 Conflict of Interest
and 1,304. Whatsoever the
IFIC has a relatively younger segment of circumstances, one must
human resources where 57.84% of the avoid all things that may
employee fall within 30 years who give cause conflict between
dynamic service under the guidance of his interests and his duties and
its experienced resources in the Bank. responsibilities as an employee of the

2. Awarding 4. Celebrang
Ceremony for Pohela Boishakh,
meritorious children Hemonto Sondhya,
Pitha-Utshob
1. Welcoming 4. Celebrang
Program for Employee Pohela Boishakh,
new-born baby of Engagement Hemonto Sondhya,
IFIC employee Program Pitha-Utshob
3. Painng 5. Celebrang
Fesval for children Internaonal
of IFIC employee Women’s Day
13.3 Succession Planning committed by any delinquent employee. Service where an employee can engage
IFIC ensures to fill-up each key position in different kind of work which helps
13.5 Grievance Management
by recruiting fresh right talents and them to learn new things. Moreover, this
IFIC Bank has its own HR policies that
enriching them through training & helps to reduce the work pressure of
are easily accessible to the employee.
development, proper guidance and another. The Bank has invested a good
It has a unique Policy for Redressal
providing best work environment & amount of money in the central bank
of Grievance & Resentment through
culture. Here, succession planning for establishing a day care centre and its
which an employee may raise any of
program focuses on identifying and management, so that employee can feel
his/her issues including harassment
growing talent to fill-up critical positions safe and secured for their children.
which creates resentment among
in the future. The succession planning
them irrespective of the gender. IFIC 13.7 Employee Performance
has a set of resourcing and development
Bank maintains 02 (two) dedicated HR Management
processes which includes resourcing
Helpline (IP) Numbers for clarification HRM Division is continuously striving
strategy, analysis of demand/supply of
of HR Policy, any HR related issue and/ for setting objective Key Performance
human resources, analysis of skills, the
or sharing their grievance. Between the Indicators (KPI) to enable employees
job filling process, and management
numbers, one is dedicatedly handled to keep their performance aligned with
development. The Bank has a
by a Female Employee in addition individual target and eventually achieve
transparent selection process that gives
with another cell number on full time the strategic goals of the Bank.
wide range opportunity to all employees
basis due to delicacy of situation. HR
for unfolding their potentials. In 2022, HRM Division has further
maintains separate Email ID as a
improved and optimized online based
13.4 HR Compliance Helpline for employees so that they
e-PMS that has increased the efficiency
IFIC Bank always complies with every can share any issues at anytime from
which eased the appraisal process and
applicable HR regulation for ensuring a anywhere.
enabled engagement and performance
healthy work environment. As part of
13.6 Fostering a Balanced Work Life based corporate culture. Quarterly
establishing a compliance culture across
Employee work life balance depends Performance Appraisal system helps
the organization, IFIC Bank strictly
on how an organization can achieve the Management of the Bank to keep
maintains HR compliance in all sphere of
productivity at a reasonable cost to their track of the performance of employees
the organization. The Bank encourages
employees’ time and wellbeing. A proper throughout the year and facilitates them
the employee to abide by all its rules
work life balance is a vital component to take informed strategic decision.
and regulations along with all applicable
for making positive relationship between
laws of the land and promotes the same 13.8 Employee Compensation &
the employee and the employer. To
through conducting continuous training Benefits
increase Banks productivity as well as to
programs. Compensation and benefits are
reduce the number of conflicts among
important aspects of an employee’s
HR Compliance helps the Bank to keep the co-workers and management the
satisfaction at a workplace, as
track of the employees’ records, which Bank is putting tremendous efforts
they directly impact an employee’s
in turn keeps the employee contented, for employees to maintain a healthy
performance and motivation to work.
productive and safe. The Bank has work-life balance by instituting policies,
Considering the strategic importance
specific policies for every HR activity procedures and actions that enable
of effective pay packages, IFIC Bank
which covers Recruitment Policy, them to pursue more balanced life. The
always keeps its packages competitive
Promotion Policy, Leave Policy, Transfer Bank offers leave to the employee of
and emphasizes on both short-term
Policy, Performance Management different types including Paid Annual
and long-term benefits to its employees
Policy, Compensation Policy, Reward & Mandatory Leave, maternity leave, sick
by maintaining strict compliance with
Recognition Policy, Retirement Policy, leave etc. to promote good physical
the instructions and guidelines of the
Training Policy and others. Moreover, and mental health in the workplace.
regulators and successfully proves to be
the Bank has separate disciplinary IFIC highly encourages its employees
fully complied with the set standard of
rules named as “AvBGdAvBwm e¨vsK Ggcøqx to leave office on time especially for
the minimum salary. It has developed
k„•Ljv, AvPiY I Avcxj wewa” in line with the female employees; they are discouraged
a performance-based pay and benefits
law of the land that focuses on the to stay in after office hour. The bank
offer for bank employees that will
quasi-judicial disciplinary proceedings has taken initiatives to help employees
encourage them to perform better.
for handling all kind of misconducts meet personal goal; such as Cross

13.9 Health & Safety (including their family help to mitigate skill gap but also enable
IFIC Bank always considers its human member) can take to create a desired organizational
resources as the most valuable asset telemedicine service behaviour. IFIC Bank invests largely in
and is highly concerned to ensure from an expert training for its employees so that they
the health and safety issues of the doctor in case of any can execute their jobs to the best of
employee. Therefore, the Bank has taken emergency for 24/7 basis. their abilities. Besides, they can be well
numerous steps to ensure wellbeing of aware about the fast-moving, dynamic
13.10 Recruitment
its employees. banking sector. In 2022, we successfully
IFIC Bank thrives to create a dynamic
Every year the Bank conducted large-scale training sessions
z workforce that is ready to face any
conducts fire drills to facilitate our existing employees,
challenge that comes its way and
with related training newly recruited officers and also
always focuses on developing its own
programs to increase arranged leadership programs to create
employees. In 2022, the goal of the
awareness among a pipeline of potential leaders.
Recruitment Team was to maximize
employees. employee strength to meet the IFIC Bank has an enriched pool of
z Bank provides bank’s vision and objectives. The total internal trainers who regularly conduct
insurance (life/ recruitment process was fully in line with training sessions in general banking,
health) benefits to its the Bank’s strategic goal of achieving credit and trade. Apart from that, we
employees including the milestone of over 1000 Uposhakhas frequently invite external resources
family members. The openings through a rigorous recruitment from BBTA, BIBM and other renowned
Bank has successfully process by recruiting new Transaction Institutes. We conduct four months
launched online based Health Service Officer and Management long Management Trainee Development
Insurance Membership Application Trainee. The team managed each Programs regularly which is a four
module where all membership recruitment step in an efficient yet (04) months long extensive program
details are updated successfully. cost-effective manner and was able to that includes both functional and soft
Moreover, the ‘Health Insurance successfully hire 1,521 employees in skill training along with attachment to
Card’ offered by Life Insurance 2022. various cross functional divisions of the
Partners has been launched bank so that they understand the real
13.11 Training & HR Development
through which members get business challenges and opportunities.
IFIC Bank Training Institute embodies
attractive discounts on various In addition, we also arrange Induction
our continuous effort to foster a learning
medical services at various Program for newly recruited officers.
culture to enhance employee capacity
hospitals under their network. to flourish our employee’s expertise.
z Furthermore, the employees The analysis-based trainings not only
Fig 01: Induction Program Fig 02: Management Trainee Development Program
The highlights of the different training sessions of 2022 are as below,
281 99 18
In House Sessions Local External Training Customized Training
47,623 parcipants 401 parcipants 1,921 parcipants
$ 25 AML Sessions, 2,115 Parcipants
36 ICT Sessions, 3,030 Parcipants

Fig 03: Highlights of AML & ICT sessions 2022 Fig 04: SMT Awareness Program on AML & CFT

Although Bangladesh bank has Resource from ANZ Institute has that, frequent leadership development
imposed a restriction on sending bank conducted workshops such as Leading programs were held both indoor and
officials abroad for training purposes Teams and Core Empowerment TTT outdoor such as Sales & Negotiation
to safeguard ongoing crisis, IFIC Bank that has really facilitated our employees Skill Development, Team Building &
has organized leadership programs by to develop leadership skills as well as Leadership.
local and foreign resources. Foreign strategic managerial Skills. In addition to
Fig 05: Sales & Negotiation Skill Development Fig 06: Team Building & Leadership
Fig 07: Leading Teams Fig 08: Core Empowerment TTT
IFIC Bank in collaboration with for prospective SME Entrepreneurs. business in the long term.
Bangladesh Bank has also arranged Here they learn how to make a business
Entrepreneurship Development Training proposal, how to run & sustain a
Fig 09: Entrepreneurship Development Training Fig 10: Presentation on Business Proposals

14. Law and Legal Affairs Bank. The Legal Affairs Department of strategic management of the legal &
the Bank aims to ensure that business regulatory risks by providing assistance
In a year marked by drastic legal reforms activities run within the purview of relating to mortgage of collaterals and
along with the lingering effects of statutory provisions and regulatory loan documentations and to facilitate
economic volatility, the legal initiatives policies for a strong Banking portfolio in the recovery process with rigorous
by the Bank has been intensified in the long run. and effective follow-up as well as legal
respect of the Non-Performing Loans review of various local and international
with sharp focus on recovery and legal A team of legal; professionals is engaged
contacts, agreements, MOUs, etc.
risk management for a sustainable with effective case management for
growth and healthy portfolio of the speedy disposals of lawsuits as well as
Key Stascs of 2022
Legal BDT 2,425.02 M BDT 27.48 M

2,261 Nos. 402 Suits/Cases
Operaons Recovery from Recovery from
Live Cases iniated
Highlights ligaons Sale of Collaterals
Legal
1,521 Legal 309 Legal Trainings & Hotline
Services
Opinions Vengs Workshops Services
Highlights
The Bank has delivered a strong result Under direct supervision and assistance 1881, and contested 35 Nos. of Writ
this year in the matters of legal affairs of the Legal Affairs Department, the Petitions which altogether accounts
involving legal operations primarily Bank has recovered BDT 27.48 million for an approximate value of BDT
focused on litigations, as well as legal from sale of mortgaged properties and 4,903.69 million and the Bank expects a
services to the internal bodies within the obtained certificates under Artha Rin significant value release from the same
Bank. The Bank’s continued focus on Adalat Ain, 2003 in favor of Bank in in the upcoming year.
speedy disposal of pending court cases respect of mortgage properties worth
In contrast to the previous year, a
and disciplined execution of the same BDT 146.56 million.
cumulative number of 152 Artha Rin
has delivered another year of strong
At present, a dedicated team of legal Suits/Cr. Cases/ Artha Jari Case/ Writ
financial and operational performance.
professionals are closely monitoring a Petitions/ Miscellaneous Cases/ Criminal
In 2022, the recovery from the litigated
total number of 2,261 ongoing cases Revisions/Criminal Appeals has been
accounts reached a successful height of
among which, the Bank has filed 112 successfully disposed of within the year
BDT 2,425.02 million which is nearly 5
Nos. of Artha Rin Suits, 271 Nos. 2022 which helped recovery of BDT
times higher than the preceding year.
of Criminal Cases under the NI Act 2,425.02 million.
Disposed Cases Nos. of Disposed Cases
3%
17%
160
Artha Rin Suit 140
1% Artha Jari Case 120
CR Case
100
Others (By the Bank) 152
80
Writ Peon
15% Others (Against the Bank) 60 71
40
50% 20
14% 0
2021 2022
In addition to management of the documentary lapses and fraudulent and workshops on Land and Loan
litigation matters, Legal Affairs activities against the Bank. As a result, Documentation are arranged on regular
Department is working strategically to the operating performance of the Legal basis covering nearly 1,000 concerned
establish a sound and well-grounded Affairs Department in providing legal bank officials. Additionally, this year, the
collateral portfolio in the long run services has significantly been higher Department has introduced a dedicated
through its Legal Services team. One of this year. Hotline engaging a team of expert
the focal points of such legal services law officers for providing instant legal
To raise awareness of the devastating
is further scrutiny of documentations support in respect of legal issues arising
impact of financial abuse and
in respect of properties mortgaged out of loans & advances and emergency
precautionary measures in respect
or to be mortgaged for prevention of legal issues. On average, about 50
of bad loans, training sessions

phone calls are being attended on a daily basis regarding
legal queries from branches and uposhakhas. As a part of Legal Services
regulatory compliance while preserving confidentiality of
1600
customers and safeguarding Bank’s interest, guidance on 1,521
1400
appropriate response/ course of actions for Branches and
1200
Head Office is provided by the Legal Affairs Department to
1000
comply with the directives of the Government Authorities
800
like Anti-Corruption Commission (ACC), National Board
600
of Revenue (NBR), Customs Intelligence, Criminal 492
400 595
Investigation Department (CID) of Police, Police Bureau of 293
200 309
Investigation (PBI), different Departments of Bangladesh 192
Bank, etc. 0
Legal Legal Other
Opininn Veng Services
2021 2022
Outlook for the future:
The Legal Affairs Department has embraced a strategic

mechanism to build a tomorrow’s Bank today for our Comprehensive
customers. As the Bank is required to comply with a large trainings & workshops
number of laws, regulations, rules and regulatory policies Forming an Inspec on
applicable to its business activities, the Department takes & Follow up team
full account of the increasing volume and complexity of
these requirements, and thrives to ensure organizational Developing an ADR
based Suit Disposal Module
alignment with the statutory and regulatory reforms in the
financial and Banking sectors. As a result, the Department Enlis ng experienced &
is focusing on its way forward comprising comprehensive thriving lawyers
trainings & workshops at Head Office, Branch and Centralized Veng &
Uposhakha levels, forming a specialized unit of inspection Legal Searching
and follow-up to monitor the reflection at the operational
level, and develop modules of legal processes to further
contribute towards recovery of NPLs and combat fraud-
forgeries and other criminal activities in the financial sector.
Conversely, the Department continues to enlist experienced
and thriving lawyers and aims to consolidate vetting of the
mortgage properties & legal searching process centrally in future.
15. Process Management find the scope of improvement. Till 2022 trends and finally reengineering the
PMO has developed 380 processes, 32 process or develop documents based
Office (PMO)
policies and guidelines, 50 User Manual, on management decisions which
“Process Management Office” (PMO) 23 FAQ and 26 Infoviz to support all the leads to Operational efficiency and
seeks to provide consistent and effective officials of IFIC Bank PLC. cost minimization. PMO is currently
customer service through processes, concentrating on the creation of an
Presently, Process Management
policies, guidelines, operations manual enhanced internal control framework to
Office places a strong emphasis on
while ensuring that all front and back guarantee compliance in the operational
quality checking, conducting internal
office operations are effective and activities of the bank’s branches and
and external survey, examine market
compliant. Additionally, PMO proactively Uposhakhas.
find the scopes of
improvement by
continuous quality 380
assurance through
sanity checking. PMO
continuously gather
and share knowledge
materials to develop a
productive and efficient 22 10 50 23 26 35
workforce.
During 2022, Process
Management Office Process Policy User Manual User Manual FAQ Info Viz Project
Cerficaon
focus on reengineering
and quality checking to

16. Branch Expansion Program/Performance of Services & Estate Division
16.1 Infrastructure Development for new establishment, relocation and Uposhakhas and 59 ATM booths.
renovation works. By efficient management of
New Establishment: z
Achievement contractors/ suppliers, ISD has
a) Branch: 09 (Rural & Urban) at saved BDT 37.73 million from
Boalkhali, Bhandaria, Sandwip, z By the end of 2022, IFIC’s
the approved budget from new
Netrokona, Patuakhali, Sunamganj, presence has been established
establishment, relocation and
Sirajganj, Bakshiganj and Panchar. in a total 169 Branches, 1,043
renovation works.
b) Uposhakha: 313
c) Office premise: 01
Service & Estate
d) ATM Booth: 02
Division
Relocation:
Central
a) Branch - 06 Procurement Infrastructure
b) Uposhakha – 01
Renovation:
a) Fully renovated - 05 Archiving Logiscs and
b) Partially renovated - 07 Management General Admin
Apart from this, regular need-basis

repair & maintenance was conducted
for all the branches, Uposhakha & ATMs Tower
in different location of the country. In Security
Management
terms of amount, ISD has conducted
a work value of BDT 666.33 million
16.2 Central Procurement z In 2022, the Central Procurement In 2022, the bank conducted over
All type of procurement has been department successfully saved BDT 5,500 maintenance works worth more
centralized which has given a better 129.32 million through various than BDT 10.00 million, providing
control over budget, inventory strategies, including sourcing uninterrupted repair and maintenance
management, contract management, alternative products and suppliers, support to all existing business points
negotiation, and procurement. procuring products based on early across the country. Finally, the bank
market information, effectively arranged 35 events in IFIC Tower and
In 2022, Central Procurement has
managing suppliers through rapport provided logistical support for other
procured a total of BDT 2,389.00 million
building, and skillful negotiation. events outside the tower at a cost of
through 388 issued work orders. On
Moreover, the bank has proactively BDT 2.50 million.
the other hand, during 2022, Central z
Procurement has disbursed payment procured the necessary stock Achievement
to suppliers of total of BDT 1,950.00 of critical products, such as IT
z Save about BDT 2.00 million
million. Total 116 suppliers have been equipment, as a lot to ensure
yearly by shifting the stationery
managed during this period. a smooth inauguration of the
warehouse location.
targeted 1330 Uposhakhas, while
Some of the notable procurement also avoiding any unexpected z Save about 2.4 million yearly by
during 2022 are: Card Management situations that may arise. fixation of rate for procurement of
System project, Network Access Control computer stationery.
Upgradation, Hardware for Enterprise 16.3 Logistics & General Admin
This year, the bank provided proper z Save BDT 94.13 million from
Resource Planning Solution, HR Solution,
logistical support during the opening of approved budget of outsourced
Web-Based Digital Platform, Web
09 branches and 313 Uposhakhas. The service management.
Gateway Security, Virtual Infrastructure,
PCI-DSS Certification, Upgradation of Wi- stationery warehouse was moved from 16.4 Security Department
Fi solution, Digital Banking Solution, etc. a rented 9,000 sq. ft. space to a 750 As usual, the Security Department
sq. ft. owned space. Additionally, 37 has ensured physical security of bank
Achievement printed stationery items were digitized premises located across the country.
z Due to the rapid expansion of the and made available for download from Keeping the compliance intact, replacing
bank, the volume and amount of IFIC Insight. armed guards by unarmed guards
procurement and payment have thereby minimizing cost. Total 1,320
Stationery GLs of all Branch and
significantly increased. To effectively employee’s police verification has been
Uposhakhas were reconciled with CBS
manage such high volume and conducted. Ensuring close liaison with
and obsolete items were disposed of.
minimize potential gaps, several law enforcing agencies for the safety of
The bank successfully implemented the
management information systems employees of the Bank. A 24x7 Security
Central Dispatch and Inventory Module
(MIS) and databases have been Help Desk, Central Security Surveillance
in the ERP system and categorized
developed. These systems track System as well as Rapid response
outsourced services for smooth
procurement, payment, supplier team have been developed for prompt
operation and proper VAT and tax
information, inventory positions, security service.
calculation.
and other relevant data.

Achievement management, participant management, of Dhaka Metropolitan Police, Founding
z Successfully prevented theft sound system management, food anniversary of Rapid Action Battalion
attempt in multiple business points management, and logistics support. (RAB), Dhaka Ahsania Mission, Dhaka
across the country in 2022. University Alumni Association, Kali O
Achievement
Kalam Tarun Kabi O Lekhak Puroshker
z During natural disasters (e.g. flood z The Tower Management 2021, Rabindra Academy, Bengal
in Sylhet region, cyclone Sitrang Department successfully operated Institute, Dhaka Stock Exchange,
etc.) in 2022, worked as the only IFIC Tower in 2022, ensuring all Chittagong Stock Exchange, The
POC between affected business critical equipment were properly Federation of Bangladesh Chambers
points & HO and provided active maintained and there was no of Commerce and Industry (FBCCI),
support. equipment failure or downtime. Metropolitan Chamber of Commerce
16.5 Archiving Management z Organized various programs at and Industry (MCCI), ATN News, NTV,
IFIC Bank has taken several steps to the multipurpose hall, providing RTV, Channel I and many others.
enhance operational efficiency and support for seating arrangements, Bank is also running its media campaign
maximize resource utilization. Five program management, participant throughout the year through digital
godowns at various locations have management, sound system media channels, Television, online news
been vacated to create space for new management, food management, portals on regular basis. Bank has also
documents, while shred policies have and logistics. created numerous social communication
been implemented for secure disposal z Maintained the cleanliness of IFIC posts on different occasions like the
of destroyable documents. Multi- Tower and beautified the Tower inauguration of Padma Bridge. Bank has
functional photocopy machines have entry and Mujib corner with also sponsored The Great Padma book
been introduced to minimize document seasonal flowers. published by BENGAL INSTITUTE.
usage and toner costs, and 26 branches’
old fixed assets have been disposed of z Additionally, completed all
in compliance with policy guidelines. procurement for IFIC Tower 19. Corporate Social
according to guidelines, saving
Additionally, 94 steel racks, 14 steel Responsibility
cabinets, 09 steel almirahs, 500 steel approximately BDT 0.60 million
and completing all government Different Corporate Social Responsibility
trunks, and 900 pcs sacks have been
regulatory work related to (CSR) activities undertaken by the Bank
supplied to different business points
IFIC Bank head office, saving during the year 2022 are as mentioned
to optimize resource utilization. These
approximately BDT 0.30 million. below:
measures aim to streamline operations
and ultimately benefit clients and The procurement value for IFIC z IFIC Bank has provided financial
stakeholders. Tower was BDT 51.50 million. assistance for medical treatment to
renowned cultural activist Hasan
Achievement
17. Subsidiaries of IFIC Arif
z From the vacated godowns (14,650 z IFIC Bank has performed CSR
sft.), total 1,379 items have been There are three subsidiaries of IFIC Bank
activity for its employees by
recovered and reused whose value PLC which are:
participating in a Child Day Care
is BDT 1.80 million approximately a) IFIC Securities Limited Centre at motijheel for the year
as well as saved yearly rent amount 2021
b) IFIC Money Transfer (UK) Limited
BDT 7.95 million.
c) IFIC Investment Limited z IFIC Bank has contributed four-
z Shredded Documents have been year certification program on
sold out at BDT 1.38 million. emergency medicine (CPEM)
18. Branding and Promotional
z Multi-functional photocopy launched by Dhaka Medical
machines have been replaced the Activities College (DMC) in collaboration
standalone printers, scanner and IFIC Bank has carried out sustained with the University of Pennsylvania
photocopiers whose value is BDT promotional activities to create Perelman School of Medicine, USA
7.20 million. These items have awareness about the brand and products aiming to ensure better medical
been reused in different business in the year 2022. services to people in 2021. In the
points. year 2022, Bank has completed
To promote the signature products payment of the installment for the
z Gain BDT 0.68 million from the and services bank has made new
destroyed fixed assets. second consecutive year.
commercials for IFIC Suborno Gram
z Total 1,577 items have been and IFIC 24/7 Remittance service z IFIC Bank has provided financial
supplied for further usage whose along with an updated version of assistance for the completion of
value is BDT 3.11 million. other signature products and service- the production of our Liberation
related advertisements of IFIC Aamar war based film “1971 Shei Sob
16.6 Tower Management Din”, an initiation by Ekushey
Protibeshi, IFIC Aamar Account. A wide
Tower Management ensures 24/7 Padak recipient and renowned
TVC campaign was launched across all
operation and facility management cultural artist Ms. Lucky Enam and
popular different Television channels
of IFIC Bank head office premises by her team under the banner of her
and social media platforms on the
engaging technical staff and officers. production house ‘TICKET’.
promotional prospect. The bank received
They conduct reactive and preventive
positive responses from customers z IFIC Bank has provided financial
maintenance of critical equipment and
because of those activities. assiatnce for Educational and skill
all civil, interior, and façade maintenance
developmement co-curriculam
work as per Tower standards. The The Bank also sponsored a good number
activity for a female orphanage
department also provides Tower logistics of events and activities throughout the
named Rights and Sight for
support and arranges seating, program year including the founding anniversary

Children (RSC) through creating value from the gap Meeting held on 27 April 2023 has
z IFIC Bank has provided financial between interest paid on deposits and recommended total dividend of 5%
assistance to help the fincially interest earned on loans and advances. (2.5% Cash + 2.5% Stock) for the
insolvent meritorious students The depositors supply funds for loans Shareholders for the year 2022 subject
under Prime Minister’s Education and advances. The Bank collects to approval at the forthcoming 46th
Assistance Trust deposits through deposit mobilization Annual General Meeting.
strategy comprising various deposit
z The Bank provided Financial products. The Bank’s central revenue
Assistance to Kumudini Welfare 23. Appointment of External
generating activities encompasses all
Trust of Bengal (BD) Limited for kinds of commercial banking products Auditors
bearing the educational expenses and services to the customers that In the 45th Annual General Meeting
of Diploma in Nursing students includes project finance, working capital of the Bank, “A” graded Chartered
of Kumudini Nursing School and finance and trade finance for corporate Accountants Company M/s. M. J. Abedin
College customers, CMSME loans to small & Co. was appointed as the External
z IFIC Bank has donated to Prime traders and businesses, House Building Auditors of the Bank for the year 2021
Minister’s Relief and Welfare Fund Loan, Car Loan as well as wide range of subject to approval of Bangladesh
for the deadly Flood affected lifestyle and need based loans for retail Bank. Subsequently, Bangladesh Bank
people around the country customers. The Bank has been able to approved the appointment of the
z IFIC Bank has conducted CSR develop state-of-the-art IT platform and External Auditors. Since M/s. M. J.
activity as Disaster Relief Through online banking systems facilitating Any Abedin & Co., Chartered Accountants
IFIC Bank Branches & Uposhakhas Branch Banking, SMS Banking, Internet have completed their second year of
on the occasion of Devastating Banking and Any Time Banking for 24 audit and in terms of the Bangladesh
flood in Sylhet region occurred hours a day and 7 days a week through Bank’s Guidelines and the Directives
during June and July 2022 ATMs. of BSEC, they are eligible for re-
z IFIC Bank has conducted CSR 2022 has been a year of consolidating appointment.
activity through providing relief growth prospect of the Bank. Cashing Meanwhile, M/s. M. J. Abedin & Co.,
among distressed people by Six on the consistent track record of Chartered Accountants has expressed
(06) branches of the Bank on the positive growth, the Bank shall continue their intention to continue their work
occasion of National Mourning Day to deliver a strong performance, both as the statutory auditors of the Bank.
2022 operationally and financially. With the recommendation of the Audit
z Among different activities in The Bank aims to build a business that Committee of the Board of the Bank, the
line with the commemoration is durable in the long run, one that proposal for re-appointment of M/s. M.
of National Mourning Day 2022, creates value for shareholders and also J. Abedin & Co., Chartered Accountants
Bank has donated Bogura District acts responsibly in the interests of the as the Statutory Auditors of the Bank for
Police for arranging extracurricular wider communities in which it operates. the year 2023 will be placed for approval
Activities The Bank believes that those businesses of the Shareholders in the 46th AGM
that achieve sustainable growth have an strictly following the terms/conditions
z IFIC Bank donated to Halkhat
appetite for change and a commitment of Bangladesh Bank’s Guidelines and the
Magazine authority for booklet
to constant renewal in all that they do. Directives of BSEC.
publications and distributions
among schools to create awareness
21. Shares of IFIC Bank PLC 24. Appointment of
of necessary doing during and after
the earthquake Compliance Auditors
The Authorized Capital and the Paid-
z IFIC Bank has donated 100,000 up Capital of the Bank stood at BDT In the 45th Annual General Meeting of
units of Blankets for cold stricken 40,000.00 million and BDT 17,859.10 the Bank, M/s. Hoda Vasi Chowdhury
people of the country to Prime million respectively as on 31 December & Co., Chartered Accountants were
Minister’s Relief & Welfare Fund 2022. A total number of 1,785,910,939 appointed as the Compliance Auditors of
shares are recorded with the Central the Bank for the year 2022. Meanwhile,
z IFIC Bank has distributed 60,000
Depository Bangladesh Limited (CDBL), M/s. Hoda Vasi Chowdhury & Co.,
units of Blankets among cold-
while 15,079,690 shares still remain in Chartered Accountants have completed
stricken people through IFIC
scrip form till the Balance Sheet date. their fourth year of the audit, and in
Branches and Uposhakhas
terms of the Directives of BSEC, they
z With an aim to create mass moral The consolidated Net Asset Value are eligible for re-appointment.
enhancement among people, (NAV) per share was BDT 18.82 as on
IFIC Bank published selected 31 December 2022 which was BDT 25. Rotation of Directors
ethical rhymes in national popular 16.93 as on 31 December 2021. The
newspapers on quarterly basis consolidated Earnings Per Share (EPS) In order to comply with the provision
around the year 2022 were BDT 1.93 for the year ended on mentioned under Section 91(2) of the
31 December 2022 as against BDT Company Act, 1994 and Clause Nos.
20. Business Focus 1.42 as on 31 December 2021. The 109 & 110 of the Articles of Association
Market Capitalization of IFIC was BDT of the Bank, at least one third of the
The principal activities of the Bank are 20,537.98 million at the end of the year Directors shall retire from the Office in
banking and related businesses under 2022 as against BDT 28,744.66 million the 46th Annual General Meeting.
the Bank Company Act, 1991 (Amended at the end of the year 2021.
up to 2018). The core banking As per Clause No. 111 of the Articles
businesses include accepting deposits of Association of the Bank, the retiring
22. Dividend Directors are eligible for re-election.
and granting loans and advances out
of those deposits and earning profit The Board of Directors in its 855th

26. Dependability for Internal in compliance with IAS and IFRS are and well-wishers of the Bank in attaining
applied on the basis that the Bank sustainable growth and progress. The
Control and Financial Reporting
shall continue as a going concern. Board also expresses its appreciations
The Board has collective responsibility Systems and controls include the proper to M/s. M. J. Abedin & Co., the External
for the management, direction and delegation of responsibilities within a Auditors of the Bank, for their efforts
performance of the Bank and provides clearly defined framework, effective for timely completion of the audit of the
leadership within a framework of accounting procedures and adequate Financial Statements of the Bank. The
prudent and effective controls which segregation of duties. Board of Directors further extends its
enables risk to be appropriately assessed thanks to both the print and electronic
Based on the information and media personnel for extending media
and managed. The Board sets the
explanations given by management and coverage to the Bank’s various activities
strategic direction, ensuring that the
the internal auditors, the Directors are and events throughout the year.
necessary resources are in place for the
of the opinion that the internal financial
Company to meet its objectives and Last but not the least, the Board
controls are adequate and that the
deliver sustainable performance. expresses its thanks to the respected
financial records may be relied upon for
The Board takes a long term outlook preparing the financial statements in Shareholders of the Bank and assures
and sees itself as responsible to a wide accordance with IAS and IFRS, and to them that the Bank will continue to
range of stakeholders, whilst pursuing its maintain accountability for the Bank’s add to the Shareholders’ value through
objectives in a manner consistent with assets and liabilities. the gradual increase of the business
its statutory duties, for the benefit of the and retaining customers’ satisfaction
Through regulatory compliance and for which they have placed trust and
Bank’s members as a whole.
responsibilities within a Corporate confidence.
The Directors of the Board are selected Governance framework, minority
on the criteria of proven skill and ability Shareholders have been protected from For and on behalf of the Board of
in their particular field of endeavor and abusive action by, or in the interest of, Directors
a diversity of outlook and experience controlling Shareholders acting either
which directly benefits the operation directly or indirectly and have effective
of the Board as the custodian of the means of redress.
business.
The Directors have a reasonable
The Board of Directors of the Bank expectation that the Bank and its Salman F Rahman MP
is accountable for Bank’s system of subsidiaries will have adequate Chairman
internal control. It has set appropriate resources to continue in operational
policies on internal control and seeks existence and as a going concern for the
regular assurance that the system is foreseeable future.
functioning effectively. Through the
establishment of the Audit Committee,
the Board of Directors regularly
27. Acknowledgement
monitors the adequacy & effectiveness The success of the Bank is mainly
of internal control system of the Bank. attributable to the support and co-
operation received from the different
The MANCOM also reviews the overall group of stakeholders. With the sincere
effectiveness of the control system of and devoted efforts of all the Executives,
the Bank & provides a certificate on Officials and Members of the Staff,
yearly basis to the Board of Directors IFIC Bank was able to maintain steady
on the effectiveness of internal control growth during the year 2022. The Board
policies, practices & procedures. of Directors takes this opportunity to
As per directives of Bangladesh thank them all for their efforts to make
Bank, a special meeting of the Board this happen. The Board expresses its
of Directors is arranged annually profound gratitude to the Government
for reviewing the compliance/ of Bangladesh, Bangladesh Bank,
implementation status of the Bangladesh Securities and Exchange
observations/recommendations of Commission, Registrar of Joint Stock
Bangladesh Bank’s comprehensive Companies and Firms, Dhaka, Dhaka
inspection report of the Bank. Stock Exchange Limited, Chittagong
Stock Exchange PLC and Central
According to the Company Law, the Depository Bangladesh Limited for their
Directors are responsible for the continued support and co-operation
preparation of the annual financial for smooth functioning of the Bank.
statements. The annual financial The Board also thank them for their
statements conform to International unwavering support and co-operation,
Accounting Standards (IAS) and and hope that their support and co-
International Financial Reporting operation will be continued in the days
Standards (IFRS) and fairly present the ahead as well. The Board gratefully
affairs of the Bank and its subsidiaries as acknowledges the support provided
at the end of the financial year, profit & by the valued customers who have
loss and cash-flows for that period. been with the Bank in the course of its
journey. The Board also places on record
Accounting policies supported by
its thanks and gratitude for the valuable
judgments, estimates and assumptions
contribution made by all the patrons

Report of the
Execuve
Commiee
of the Board

Report of the Executive Committee of the Board
The Executive Committee (EC) of the Board of Directors of IFIC Bank PLC was lastly re-constituted by the Board of Directors of
the Bank in its 808th Meeting held on 21 October 2021 with the following 03 (Three) Members from the Board of Directors:
Mr. A. R. M. Nazmus Sakib Chairman

Ms. Quamrun Naher Ahmed Member
Mr. Md. Golam Mostofa Member
The Company Secretary of the Bank is the Secretary of the Executive Committee of the Board.
The above mentioned Executive Committee of the Board was formed in line with the directives of BRPD Circular No. 11 dated 27
October 2013.
The Terms of Reference of the Executive Committee, in addition to the roles and responsibilities mentioned in the BRPD Circular
No. 11 dated 27 October 2013, as approved by the Board is as follows:
1. Business Discretionary Authority: All business proposals up to 5% of Capital for new relationship & up to 10% of Capital
(excluding large loans) for renewal & enhancement of existing relationship shall be placed before the Executive Committee for
approval.
2. Discretionary Authority for Waiver of Interest: The EC is empowered to consider waiver of interest proposals for settlement
of long outstanding defaulted loans and advances within the purview of its discretionary authority.
3. Financial Power against expenditures: The EC is delegated also based on Head of Expenditures with specific limit against
following activities of the Bank:
Â Hiring of new premises, Renewal of existing premises and Improvement of the branch premises.
Â Purchase of Wooden & Steel Furniture, Office equipment, Electrical & gas equipment, Soft Furnishings, Computer
hardware/software and its accessories, Air Conditioners, Generators and Motor Vehicles, etc.
However, the Executive Committee (EC) may refer any proposal before the Board under delegation of EC considering complexity
of the proposal.
The decisions of the Executive Committee as recorded in the Minutes of the Meetings are placed before the Board in the
subsequent Meeting for ratification.
During the year of 2022, 20 (Twenty) Meetings of the Executive Committee were held where a total of 277 nos. proposals/issues
were considered/decided by the Committee.
The particulars of attendance of the members of the Executive Committee are given below.
Total number of meetings

Name of the Directors Position Total attendance Remarks
held during 2022
Mr. A. R. M. Nazmus Sakib Chairman 20 20
Ms. Quamrun Naher Ahmed Member 20 20
Mr. Md. Golam Mostofa Member 20 20
The Executive Committee expresses its sincere thanks to the Members of the Board and the Management of IFIC Bank PLC
for their support and guidance in the course of carrying out the duties and responsibilities of the Committee. The Executive
Committee also expresses its satisfaction regarding the roles and responsibilities discharged by the Management of the Bank.
Chairman, Executive Committee

Report on the
Acvies
of the Audit
Commi ee
of the Board

Report on the Activities of the Audit Committee of the Board
The Audit Committee of the Board of Directors of IFIC Bank PLC was lastly re-constituted by the Board of Directors in its 800th
Meeting held on 15 July 2021 in accordance with the directives of the BRPD Circular No.11 dated 27 October 2013 issued by
Bangladesh Bank and also in line with the requirements of the Corporate Governance Code of the Bangladesh Securities and
Exchange Commission (BSEC) published in the Bangladesh Gazette on 10 June 2018.
The Audit Committee of the Board is comprised of 03 (Three) members from the Board of Directors including 02 (Two)
Independent Directors. The composition of the Audit Committee of the Board is as follows:
Ms. Rabeya Jamali Independent Director Chairperson
Mr. Sudhangshu Shekhar Biswas Independent Director Member
Mr. Md. Zafar Iqbal, ndc Director Member
The Company Secretary of the Bank is the Secretary of the Audit Committee of the Board.
The Audit Committee is a sub-committee of the Board of Directors and reports on its activities to the Board of Directors on a
quarterly basis. The purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities which includes,
but is not limited to, implementation of the objectives, strategies, risk mitigation, and overall business plans set by the Board for
effective functioning of the Bank. The Committee also reviews the financial reporting process, the system of internal control and
management of financial & operational risks through the Internal Control process.
The Audit Committee of the Board usually sits once in every month.
A total of 17 (Seventeen ) Audit Committee Meetings were held during the year 2022.
The particulars of attendance of the members of the Audit Committee are given below.
Total number of
Name of the Directors Position meetings held Total attendance Remarks
during 2021
Ms. Rabeya Jamali Chairperson 17 17
Mr. Sudhangshu Shekhar Biswas Member 17 17
Mr. Md. Zafar Iqbal, ndc Member 17 17
The Audit Committee, in the above mentioned 17 (Seventeen ) meetings, discussed many issues some of which were:
z Highlights on Risk Based Internal Audit & Inspection Reports conducted by ICC Division.
z Self-Assessment of Anti-Fraud Internal Controls as on the Half year ended on 31.12.2021
z Summary Report of Compliance on Irregularities /Lapses/Errors & Omissions found in the Risk Based Internal Audit &
Inspection Report of 151 Branches for the year ended on 31.12.2021.
z Management Letter on the Financial Statements for the year ended 31 December 2021.
z Recommendation for approval Unqualified Audit Report and Audited Financial Statements as at and for the year ended 31
December 2021.
z Surprise Inspection conducted by the Department of Currency Management, Bangladesh Bank on our Savar Bazar Branch,
Dhaka.
z Re-appointment of External Auditors of the Bank.
z Recommendation for approval of un-audited Condensed Financial Statements as at and for the 1st Quarter ended 31 March
2022.
z Surprise Inspection conducted by the Department of Currency Management, Bangladesh Bank on our Brahmanbaria Branch.
z Annual Health Report of the Bank for the year 2021.
z Self-Assessment of Anti-Fraud Internal Controls as on the Half year ended on 30.06.2022

z Recommendation for approval of un-audited Condensed Financial Statements as at and for the 2nd Quarter ended 30 June
2022.
z Highlights on Risk Based Internal Audit & Inspection Reports conducted by ICC Division
z Surprise Inspection conducted by the Department of Currency Management, Bangladesh Bank on our Malibagh Branch.
z Recommendation for approval of Audited Financial Statements as at and for the 3rd Quarter (Q3) ended 30 September 2022.
z Risk Based Internal Audit (RBIA) Plan for - 2023.
*Temporary Placement of Mr. A. M. Zahidur Rashid, FAVP as Head of Audit, Internal Control & Compliance Division.
From our assessment of the various internal audit reports, it appears that IFIC Bank PLC maintained effective Internal Control on
its overall activities during the year 2022.
Rabeya Jamali
Chairperson, Audit Committ

Report of the
Risk
Management
Commiee
of the Board

Report of the Risk Management Committee of the Board
The Risk Management Committee of the Board of Directors of IFIC Bank PLC was lastly re-constituted by the Board of Directors of
the Bank in its 808th Meeting held on 21 October 2021 with the following 05 (Five) Members:
Mr. Md. Zafar Iqbal, ndc Chairman

Ms. Rabeya Jamali Member
Mr. A. R. M. Nazmus Sakib Member
Ms. Quamrun Naher Ahmed Member
Mr. Md. Golam Mostofa Member
The Company Secretary of the Bank is the Secretary of the Risk Management Committee of the Board.
The above mentioned Risk Management Committee of the Board was formed in line with the directives of BRPD Circular No. 11
dated 27 October 2013.
The Risk Management Committee, as authorized by the Board, performs as per roles and responsibilities mentioned in the BRPD
Circular No. 11 dated 27 October 2013.
During the year 2022, 07 (Seven ) Meetings of the Risk Management Committee were held where a total of 17 nos. proposals/
issues were considered/decided by the Committee.
The particulars of attendance of the members of the Risk Management Committee are given below.
Total number of meetings

Name of the Directors Position Total attendance Remarks
held during 2021
Mr. Md. Zafar Iqbal, ndc Chairman 07 07

Ms. Rabeya Jamali Member 07 07
Mr. A. R. M. Nazmus Sakib Member 07 07
Ms. Quamrun Naher Ahmed Member 07 07
Mr. Md. Golam Mostofa Member 07 07
However, the decisions of the Risk Management Committee as recorded in the Minutes of the Meetings are placed before the
Board on a quarterly basis.
The Risk Management Committee expresses its sincere thanks to the Members of the Board and the Management of IFIC Bank
PLC for their support and guidance in the course of carrying out the duties and responsibilities of the Committee. The Risk
Management Committee also expresses its satisfaction regarding the roles and responsibilities discharged by the Management of
the Bank.
Md. Zafar Iqbal, ndc

Chairman, Risk Management Committee

Corporate Governance Practices
Corporate Governance indicates the z Statutory and legal compliances; Bangladesh Bank and gives directions
policies and procedures applied by us z Protection of shareholders’ for their due compliance. Furthermore,
to attain certain sets of our objectives, interests; Board of Directors develops and reviews
corporate missions and visions with corporate governance framework as well
regard to shareholders, employees, z Commitment to values and ethical as recommends to the shareholders to
customers, suppliers and different conduct of business; appoint an external auditor.
regulatory agencies and the community z Applying values to create value.
Composition of the Board
at large. The role of governance is Members’ Meetings The Board of IFIC Bank PLC consists
to maximize shareholders’ wealth. The supreme authority in the Bank’s of 9 (nine) Members including the
Corporate Governance depends on affairs, within the limits established by Managing Director as Executive Director
managerial performance as well as a the Articles of Association and statutory and ex-officio member of the Board. As
consideration of social responsibility, the law, rests with legitimate meetings of per the guidelines of Bangladesh Bank
socio-cultural-environmental dimension the Members of the Bank. The Bank’s and as well as in compliance with the
of business procedure, legal and ethical Annual General Meeting is held within Bangladesh Securities and Exchange
practices with a focus on customers and statutorily allowed time every year and Commission’s Corporate Governance
other stakeholders of our organization. may also hold any other meeting, as and Code, there are 2 (two) Independent
We are committed to excellence in when required. At Members’ meeting, Directors on the Board.
corporate governance, transparency each share carries one vote. Decisions
Re-election of Directors
and accountability. This is essential at Members’ meetings are taken by
In compliance with the Companies
for the long term performance and majority vote unless there are contrary
Act, BSEC’s Notification and Bank’s
sustainability of our Company, and to provisions in the Bank’s Articles of
Articles of Association, each Director,
protect and enhance the interests of our Association or statutory law.
other than the Independent Director
shareholders and other stakeholders. Although Members acting through the and the Managing Director, retires by
Our governance framework plays an forum of the General Meeting exercise rotation once in every three years and
integral role in supporting our business. ultimate check over a company, yet they is required to stand for re-election by
It provides the structure through which do not interfere with the exercise of the shareholders at the Annual General
our strategy and business objectives powers which are vested in the Board. Meeting.
are set, our performance is monitored, The Board of Directors Independent Director
and the risks we face are managed. It The Board of Directors, collectively, is To comply with the Corporate
includes a clear framework for decision the supreme authority in the Bank’s Governance Code of Bangladesh
making and accountability across our affairs between Members’ meetings. Securities and Exchange Commission,
business and provides guidance on the They owe a duty to the shareholders the Board of Directors appointed 2 (two)
standards of behavior we expect from and exercise care, skill and diligence in Independent Directors on the Board.
our people. discharging their responsibilities and in A full compliance report of the said
We regularly review our governance exercising the powers vested in them. guidelines/code is provided hereafter.
arrangements as well as developments The key purpose of the Board of Board Meetings
in the market practices, expectations Directors of IFIC Bank PLC is to During the year 2022, there were 32
and regulation to establish good ensure the company’s prosperity by meetings of the Board. The attendance
corporate governance in our Bank. collectively directing the company’s by each Director at the Board Meeting
We have modernized our governance affairs, whilst meeting the appropriate held during the year is provided
system and implemented the rules as interests of its shareholders and other hereafter.
several prudential regulations specifying stakeholders. In addition to business
qualification of a Bank Director and Executive Committee
and financial issues, the Board deals
a Chief Executive Officer and most As approved by Bangladesh Bank, the
with challenges and issues relating to
importantly 3 (three) Circulars/Circular Board has its Executive Committee.
corporate governance, corporate social
Letters issued by Bangladesh Bank The committee comprises of 3 (three)
responsibility and corporate ethics
on 27 October 2013 in connection Members from the Board. In order
and ensures that its organization and
with formation and responsibilities of to have proper functioning and quick
operation are, at all times, in correct
Board of Directors of a Bank Company disposal of credit proposals, the Board
and appropriate order. The Board is,
to comply with the existing rules has delegated authority to Executive
among other things, responsible for
and regulations in line with the Bank Committee of the Board to approve
setting business objectives, strategies
Company Act, 1991 (Amended up to proposal within certain limit and it
and business plans, formulating risk
2018) as well as Corporate Governance is observed to be very effective to
policies, confirming key aspects of the
Guidelines issued by Bangladesh accelerate the various decisions which
Bank’s internal organization and making
Securities and Exchange Commission. otherwise had to wait for disposal by
decisions on the establishment of
the Board. The committee met 20 times
We consider good corporate branches. As a mechanism of budgetary
during the year 2022. The report of
governance to be a pre-requisite for control, the Board approves budget
the Executive Committee is deployed
value creation and reliability: and reviews the business plan on
hereinbefore.
z Governance principles; quarterly basis so as to give directions
as per changing economic and market Audit Committee
z Transparency in business environment. The Board also reviews Audit Committee of the Board of
transactions; the policies and guidelines issued by a bank can play an effective role in

providing a bridge between the Board thereof and prudent administrative and Bangladesh Bank also undertakes
and the Management, Shareholders, financial management. He also ensures audit & inspection at the Bank at their
Depositors and other Stakeholders, that Bank’s accounts and finances determined intervals. Compliance with
and help in ensuring efficient, safe and conform to applicable laws and accepted observations and recommendations
sound banking practices. Role of the standards. Therefore, being empowered made by Bangladesh Bank helps the
Audit Committee is also important in by the Board, the Managing Director Bank to improve internal control, risk
evolving an effective procedure for leads the Management consisting of the management, corporate governance
financial reporting disclosure, developing executives of the Bank. Management and regulatory compliance maximizing
a suitable internal control system and functions through several committees benefit for all stakeholders.
maintaining liaison with internal and headed by the Managing Director or
empowered executives of the Bank. The Proclamation to Shareholders
external auditors to minimize various
committees are SMT, MANCOM, ALCO, The Bank acknowledges and
business risks.
Risk Management and Basel Committee takes necessary steps to provide
As guided by Bangladesh Bank, the Audit etc. Management enjoys absolute power shareholders with all relevant and
Committee assists the Board in fulfilling in respect of recruitment, posting and reliable information to allow them to
its oversight responsibilities including promotion of manpower in accordance make informed judgment and decisions.
implementation of the objectives, with Bangladesh Bank’s guidelines. In Regulated path and way are completely
strategies and overall business plans set addition, Board has delegated adequate followed for appropriate and effective
by the Board for effective functioning of administrative, business and financial communication. All relevant information
the Bank. The Committee reviews the power to the Management for quick and are posted in the website of the Bank
financial reporting process, the system efficient discharge of Bank’s activities. for convenience of the shareholders.
of internal control and management Moreover, as per BSEC’s Code, all
Compliance of BRPD Circular Letter the price sensitive information having
of financial risks, the audit process,
No. 03 possible impact on share prices of
and the Bank’s process for monitoring
The Bank complied with the BRPD the Bank are communicated to the
compliance with laws and regulations
Circular Letter No. 03 dated 25 March shareholders by publication in the
and its own code of business conduct.
2018 and appointed Mr. Dilip Kumar national dailies, Online news portal and
The report is given hereinbefore.
Mandal as Chief Financial Officer and to the DSE, CSE, and BSEC through
Risk Management Committee Mr. Md. Monitur Rahman as Chief official letters for appearance in their
To assist the Board of Directors in Information Technology Officer. websites. Quarterly Financial Statements
fulfilling its oversight responsibilities
Financial, Statutory and Regulatory are communicated to all the Members
and to play effective role in minimizing
Reporting and Compliance through DSE, CSE and BSEC as well
current and future risks arised on the
In the preparation of quarterly, as publication of the same in at least
affairs of making strategies consistent
semi-annual and annual financial two widely circulated national dailies.
with the determined objectives and
statements, the Bank has complied with Audited yearly financial statements
goals and in the issues relating to
the requirements of the Companies are published through Annual Report
structural change and reorganization for
Act 1994, Bank Company Act, 1991 and the report is furnished to the
enhancement of institutional efficiency
(Amended up to 2018) and rules & shareholders as well as regulators.
and other relevant policy matters, the
regulations of Bangladesh Bank, BSEC Finally, we arrange Annual General
Risk Management Committee has been
and Stock Exchanges. Status of various Meeting as our statutory duty to give
constituted. The Risk Management
compliances is given hereafter. our shareholders parliamentary session
Committee in Management level has
to communicate their assertions
also been reorganized. The report of Internal Control
about the Bank. All the suggestions
the Risk Management Committee is The Board of Directors acknowledges
or recommendations made by the
deployed hereinbefore. their overall responsibility for the
Members in the AGM or any time
Bank’s system of internal control and
Directors’ Remuneration during the year are taken very seriously
for reviewing its effectiveness. Internal
The non-executive directors (Directors for compliance and better corporate
control is an ongoing process for
other than the Managing Director) of the governance of the Bank.
identifying, evaluating and managing the
Board representing shareholders do not
significant risks faced by the Bank. The Credit Ratings
take any remuneration or reimbursement
Bank has taken all-out efforts to mitigate The Bank is rated by Emerging Credit
of any expenses for attending Board
all sorts of risk as per guidelines issued Rating Limited. They have re-affirmed
meeting or for any other purpose.
by Bangladesh Bank. Internal Control & both the long term rating of the Bank to
The Board members receive only BDT
Compliance Division, Risk Management “AA” and short term rating at “ST-2” with
8,000.00 for attending the Board/
and Credit Risk Management Unit validity up to 29 June 2023.
Committee meetings. The fees given to
are working towards mitigation of Compliance Report on BSEC’s
the directors are disclosed in the note to
operational and compliance risks of the Notification
the financial statements.
Bank. The Bangladesh Securities and Exchange
Management
External Audit Commission (BSEC) requires all listed
The Managing Director, as directed
M/s. M. J. Abedin & Co., Chartered companies to report on the compliance
by the Board of Directors, is the Chief
Accountants is the statutory auditors of of the conditions described in BSEC’s
Executive Officer (CEO) of the Bank.
In terms of the financial, business and the Bank. They do not provide any other Notification dated 03 June 2018 on
administrative authorities vested upon accounting, taxation or advisory services ‘comply’ basis. The Board of Directors
him by the Board, the CEO discharges to the Bank except certification of cash of IFIC Bank PLC has taken appropriate
his own responsibilities. He remains incentives payable to the exporters, if steps to comply with the conditions.
accountable for achievement of financial any.
and other business targets by means of Audit and Inspection by Bangladesh
business plan, efficient implementation Bank

Compliance Report on BSEC’s Notification
The Bangladesh Securities and Exchange Commission (BSEC) requires all listed companies to report on the compliance of the
conditions described in BSEC’s Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 issued under
section 2CC of the Securities and Exchange Ordinance, 1969 on ‘comply’ basis. The Board of Directors of IFIC Bank PLC has
undertaken appropriate steps to comply with the conditions as detailed hereunder:
Annexure-I
Compliance of Condition No. 1 (5) (xxii): Board Meetings held during the year 2022 and attendance by each Director:
No. of No. of
SL
Name of the Directors Position Meetings Meetings Remarks
No.
held attended
01. Mr. Salman F Rahman Chairman 32 26
02. Mr. Ahmed Shayan Fazlur Rahman Vice Chairman 32 27
03. Mr. A. R. M. Nazmus Sakib Director 32 31

Directors who
04. Ms. Rabeya Jamali Independent Director 32 32 could not attend
any meeting were
05. Mr. Sudhangshu Shekhar Biswas Independent Director 32 31
granted leave of
06. Ms. Quamrun Naher Ahmed Govt. Nominated Director 32 32 absence by the
Board.
07. Mr. Md. Zafar Iqbal Govt. Nominated Director 32 32
08. Mr. Md. Golam Mostofa Govt. Nominated Director 32 32
09. Mr. Mohammad Shah Alam Sarwar Managing Director & CEO 32 30
Annexure-II
Compliance of Condition 1 (5) (xxiii): The pattern of Shareholding as on 31 December 2022
(a) Parent or Subsidiary or Associated Companies and other related parties: Nil
(b) Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit and Compliance and their
spouses and minor children:
SL Name of the Directors Shares held Name of the Spouses Shares held
01. Mr. Salman F Rahman 35,728,274 Mrs. Syeda Rubaba Rahman Nil
02. Mr. Ahmed Shayan Fazlur Rahman* Nil Mrs. Shazreh Rahman Nil
03. Mr. A. R. M. Nazmus Sakib** Nil Mrs. Fetematuj Jahera Nil
04. Ms. Rabeya Jamali Nil N/A Nil
05. Mr. Sudhangshu Shekhar Biswas Nil Mrs. Kanika Dey Nil
06. Ms. Quamrun Naher Ahmed*** Nil Mr. A. B. M. Siddiqur Rahman Nil
07. Mr. Md. Zafar Iqbal, ndc*** Nil Mrs. Zohra Noor Nil
08. Mr. Md. Golam Mostofa*** Nil Mrs. Shamima Nasrin Nil
* Represents M/s. New Dacca Industries Limited against its holding of 37,701,652 nos. shares of the Bank.
** Represents M/s. Tradenext International Limited against its holding of 36,298,500 nos. shares of the Bank.
*** Directors nominated by the Ministry of Finance, Govt. of the People’s Republic of Bangladesh against its holding of 584,860,071 nos. shares of the Bank.
Managing Director & CEO and his spouse and minor children - Mr. Mohammad Shah Alam Sarwar Nil
Company Secretary and his spouse and minor children - Mr. Mokammel Hoque Nil
Chief Financial Officer and his spouse and minor children - Mr. Dilip Kumar Mandal Nil
Head of Internal Audit and Compliance (ICC) and his spouse
and minor children - Mr. M. Mozibar Rahman Nil

(c) Executives [Top 5 (five) salaried employees of the company, other than stated in 1 (5) (xxiii) (b)]:
SL Designation Name Shares held
01. DMD & Chief Credit Officer Mr. Shah Md. Moinuddin Nil
02. DMD & Chief Business Officer (Corporate Business) Mr. Md. Nurul Hasnat Nil
03. DMD & Head of International Division Mr. Syed Mansur Mustafa Nil
04. DMD & Chief of Operations & IT Mr. Md. Monitur Rahman Nil
05. DMD & Head of SME, Retail & Digital Banking Mr. Gitanka Debdip Datta Nil
(d) Shareholders holding ten percent (10%) or more voting interest in the Company: Govt. of the People’s Republic of Bangladesh
holds 584,860,071 nos. shares which is 32.75 percent of the total outstanding shares of the Bank.
Annexure-C
[As per condition No. 1(5)(xxvii)]
Status of compliance with the conditions imposed by Bangladesh Securities and Exchange Commission’s Notification No. BSEC/
CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 issued under section 2CC of the Securities and Exchange Ordinance,
1969:
(Report under Condition No. 9)
Compliance Status
(Put √ in the
Condition No. Title appropriate column) Remarks (if any)
Not
Complied
Complied
1. Board of Directors
The total number of members of a company’s Board of
1 (1) Size of the
Directors (hereinafter referred to as “Board”) shall not be less √
Board of Directors
than 5 (five) and more than 20 (twenty).
(a) At least one-fifth (1/5) of the total number of directors in the
1(2) Independent company’s Board shall be independent directors; any fraction
√
Directors shall be considered to the next integer or whole number for
calculating number of independent director(s)
(b) For the purpose of this clause “independent director” means
a director-
(i) who either does not hold any share in the company or holds
less than one percent (1%) shares of the total paid-up shares of √
the company
(ii) who is not a sponsor of the company or is not connected
with the company’s any sponsor or director or nominated
director or shareholder of the company
or any of its associates, sister concerns, subsidiaries and parents √
or holding entities who holds one percent (1%) or more shares
of the total paid-up shares of the company on the basis of
family relationship and his or her family members also shall not
hold above mentioned shares in the company
(iii) who has not been an executive of the company in
√
immediately preceding 2 (two) financial years
(iv) who does not have any other relationship, whether
pecuniary or otherwise, with the company or its subsidiary or √
associated companies
(v) who is not a member or TREC (Trading Right Entitlement
√
Certificate) holder, director or officer of any stock exchange
(vi) who is not a shareholder, director excepting independent
director or officer of any member or TREC holder of stock √
exchange or an intermediary of the capital market;
(vii) who is not a partner or an executive or was not a partner
or an executive during the preceding 3 (three) years of the
concerned company’s statutory audit firm or audit firm engaged √
in internal audit services or audit firm conducting special audit
or professional certifying compliance of this Code;
(viii) who is not independent director in more than 5 (five) listed
√
companies

Compliance Status
(Put √ in the
Not
Complied
Complied
(ix) who has not been convicted by a court of competent
jurisdiction as a defaulter in payment of any loan or any advance √
to a bank or a Non-Bank Financial Institution (NBFI); and
(x) who has not been convicted for a criminal offence involving
√
moral turpitude;
(c) The independent director(s) shall be appointed by the Board

and approved by the shareholders in the Annual General √
Meeting (AGM);
(d) The post of independent director(s) cannot remain vacant for No vacancy
more than 90 (ninety) days occurred
(e) The tenure of office of an independent director shall be for
a period of 3 (three) years, which may be extended for 1 (one) √
tenure only
(a) Independent director shall be a knowledgeable individual
with integrity who is able to ensure compliance with financial
√
laws, regulatory requirements and corporate laws and can make
meaningful contribution to the business
(b) Independent director shall have following qualifications:
(i) Business Leader who is or was a promoter or director of an
unlisted company having minimum paid-up capital of Tk. 100.00
√
million or any listed company or a member of any national or
international chamber of commerce or business association; or
(ii) Corporate Leader who is or was a top level executive not
lower than Chief Executive Officer or Managing Director or
Deputy Managing Director or Chief Financial Officer or Head of
Finance or Accounts or Company Secretary or Head of Internal
√
Audit and Compliance or Head of Legal Service or a candidate
with equivalent position of an unlisted company having
minimum paid up capital of Tk. 100.00 million or of a listed
company; or
1(3) Qualification
of Independent (iii) Former official of government or statutory or autonomous
Director) or regulatory body in the position not below 5th Grade of the
national pay scale, who has at least educational background of Not applicable
bachelor degree in economics or commerce or business or law;
or
(iv) University Teacher who has educational background in
Not applicable
Economics or Commerce or Business Studies or Law;
(v) Professional who is or was an advocate practicing at least
in the High Court Division of Bangladesh Supreme Court or a
Chartered Accountant or Cost and
Management Accountant or Chartered Financial Analyst or √
Chartered Certified Accountant or Certified Public Accountant
or Chartered Management Accountant or Chartered Secretary
or equivalent qualification
(c) The independent director shall have at least 10 (ten) years of
√
experiences in any field mentioned in clause (b)
(d) In special cases, the above qualifications or experiences may
Not applicable
be relaxed subject to prior approval of the Commission
(a) The positions of the Chairperson of the Board and the
1(4) Duality of Managing Director (MD) and/or Chief Executive Officer (CEO) √
Chairperson of the of the company shall be filled by different individuals
Board of Directors (b) The Managing Director (MD) and/or Chief Executive Officer
and Managing (CEO) of a listed company shall not hold the same position in √
Director or Chief another listed company;
Executive officer (c) The Chairperson of the Board shall be elected from among
√
the non-executive directors of the company;

Compliance Status
(Put √ in the
Not
Complied
Complied
Roles and
responsibilities are
(d) The Board shall clearly define respective roles and
as per Bangladesh
1(4) Duality of responsibilities of the Chairperson and the Managing Director √
Bank guidelines
Chairperson of the and/or Chief Executive Officer;
and service rules
Board of Directors of the Bank
and Managing
Director or Chief (e) In the absence of the Chairperson of the Board, the
Executive officer remaining members may elect one of themselves from non-
executive directors as Chairperson for that particular Board’s √
meeting; the reason of absence of the regular Chairperson shall
be duly recorded in the minutes.
1(5) The Directors’
Report to
Shareholders
An industry outlook and possible future developments in the
(i) √
industry
(ii) The segment-wise or product-wise performance √
Risks and concerns including internal and external risk factors,
(iii) threat to sustainability and negative impact on environment, if √
any;
A discussion on Cost of Goods sold, Gross Profit Margin and
(iv) Not applicable
Net Profit Margin, where applicable;
A discussion on continuity of any extraordinary activities and
(v) Not applicable
their implications (gain or loss);
A detailed discussion on related party transactions along with
a statement showing amount, nature of related party, nature
(vi) √
of transactions and basis of transactions of all related party
transactions;
A statement of utilization of proceeds raised through public
(vii) Not applicable
issues, rights issues and/or any other instruments;
An explanation if the financial results deteriorate after the
(viii) company goes for Initial Public Offering (IPO), Repeat Public Not applicable
Offering (RPO), Rights Share Offer, Direct Listing, etc.;
Except for Q1,
throughout
the year bank’s
performance is
good. However,
Q4 performance of
the bank increases
An explanation on any significant variance that occurs between mainly for a release
(ix) Quarterly Financial performances and Annual Financial √ of provision
Statements; which has been
accounted in
previous quarter.
In Q1 performance
of the bank
decreases of less
interest income
occurred .
A statement of remuneration paid to the directors including
(x) √
independent directors;
A statement that the financial statements prepared by the
management of the issuer company present fairly its state of
(xi) √
affairs, the result of its operations, cash flows and changes in
equity
A statement that proper books of account of the issuer

(xii) √
company have been maintained;

Compliance Status
(Put √ in the
Not
Complied
Complied
A statement that appropriate accounting policies have been
consistently applied in preparation of the financial statements
(xiii) √
and that the accounting estimates are based on reasonable and
prudent judgment
A statement that International Accounting Standards (IAS) or

International Financial Reporting Standards (IFRS), as applicable
(xiv) in Bangladesh, have been followed in preparation of the √
financial statements and any departure there from has been
adequately disclosed;
A statement that the system of internal control is sound in

(xv) √
design and has been effectively implemented and monitored;
A statement that minority shareholders have been protected

from abusive actions by, or in the interest of, controlling
(xvi) √
shareholders acting either directly or indirectly and have
effective means of redress;
A statement that there is no significant doubt upon the issuer

company’s ability to continue as a going concern, if the issuer
(xvii) √
company is not considered to be a going concern, the fact along
with reasons there of shall be disclosed;
An explanation that significant deviations from the last year’s

(xviii) operating results of the issuer company shall be highlighted and √
the reasons thereof shall be explained;
A statement where key operating and financial data of at least

(xix) √
preceding 5 (five) years shall be summarized
An explanation on the reasons if the issuer company has not

(xx) Not applicable
declared dividend (cash or stock) for the year;
Board’s statement to the effect that no bonus share or stock

(xxi) Not applicable
dividend has been or shall be declared as interim dividend;
The total number of Board meetings held during the year and
(xxii) √
attendance by each director;
A report on the pattern of shareholding disclosing the aggregate

number of shares (along with name-wise details where stated
below) held by:-
(a) Parent or Subsidiary or Associated Companies and other

√
related parties (name-wise details);
(xxiii) (b) Directors, Chief Executive Officer, Company Secretary, Chief

Financial Officer, Head of Internal Audit and Compliance and √
their spouses and minor children (name-wise details;
(c) Executives; √
(d) Shareholders holding ten percent (10%) or more voting

√
interest in the company (name-wise details);
In case of the appointment or reappointment of a director, a
disclosure on the following information to the shareholders:-
(a) a brief resume of the director; √
(xxiv)
(b) nature of his / her expertise in specific functional areas; √
(c) names of companies in which the person also holds the
√
directorship and the membership of committees of the board.
A Management’s Discussion and Analysis signed by CEO or
(xxv) MD presenting detailed analysis of the company’s position and
operations along with a brief
discussion of changes in the financial statements, among others,
focusing on:

Compliance Status
(Put √ in the
Not
Complied
Complied
(a) accounting policies and estimation for preparation of financial
√
statements;
(b) changes in accounting policies and estimation, if any, clearly
describing the effect on financial performance or results and
√
financial position as well as cash flows in absolute figure for
such changes;
(c) comparative analysis (including effects of inflation) of
financial performance or results and financial position as well as
√
cash flows for current financial year with immediate preceding
five years explaining reasons thereof;
Financial
(d) compare such financial performance or results and financial performance of
position as well as cash flows with the peer industry scenario; peer bank are not
available
(e) briefly explain the financial and economic scenario of the
√
country and the globe;
(f) risks and concerns issues related to the financial statements,
explaining such risk and concerns mitigation plan of the √
company; and
(g) future plan or projection or forecast for company’s operation,
performance and financial position, with justification thereof,
√
i.e., actual position shall be explained to the shareholders in the
next AGM;
Declaration or certification by the CEO and the CFO to the
(xxvi) Board as required under condition No. 3(3) shall be disclosed as √
per Annexure-A; and
The report as well as certificate regarding compliance of
(xxvii) conditions of this Code as required under condition No. 9 shall √
be disclosed as per Annexure-B and Annexure-C
1(6) The company shall conduct its Board meetings and record the
minutes of the meetings as well as keep required books and
records in line with the provisions of the relevant Bangladesh
Meetings of the √
Secretarial Standards (BSS) as adopted by the Institute of
Board of Directors Chartered Secretaries of Bangladesh (ICSB) in so far as those
standards are not inconsistent with any condition of this Code.
1(7) (a) The Board shall lay down a code of conduct, based on
the recommendation of the Nomination and Remuneration
Board approved
Committee (NRC) at condition No. 6, for the Chairperson of the
Code of Conduct
Code of Board, other board members and Chief Executive Officer of the
Conduct for the company;
Chairperson, other (b) The code of conduct as determined by the NRC shall be
Board members posted on the website of the company including, among others,
and Chief Executive prudent conduct and behavior; confidentiality; conflict of Board approved
officer interest; compliance with laws, rules and regulations; prohibition Code of Conduct
of insider trading; relationship with environment, employees,
customers and suppliers; and independency.
2. Governance of Board of Directors of Subsidiary Company
Provisions relating to the composition of the Board of the
2(a) holding company shall be made applicable to the composition of √
the Board of the subsidiary company
At least 1 (one) independent director on the Board of the
2(b) holding company shall be a director on the Board of the √
subsidiary company
The minutes of the Board meeting of the subsidiary company
2(c) shall be placed for review at the following Board meeting of the √
holding company

Compliance Status
(Put √ in the
Not
Complied
Complied
The minutes of the respective Board meeting of the holding
2(d) company shall state that they have reviewed the affairs of the √
subsidiary company also
The Audit Committee of the holding company shall also review
2(e) the financial statements, in particular the investments made by √
the subsidiary company
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit
3.
and Compliance (HIAC) and Company Secretary (CS).
(a) The Board shall appoint a Managing Director (MD) or Chief
Executive Officer (CEO), a Company Secretary (CS), a Chief
√
Financial Officer (CFO) and a Head of Internal Audit and
Compliance (HIAC)
(b) The positions of the Managing Director (MD) or Chief
Executive Officer (CEO), Company Secretary (CS), Chief
√
Financial Officer (CFO) and Head of Internal Audit and
Compliance (HIAC) shall be filled by different individuals
3(1) Appointment (c) The MD or CEO, CS, CFO and HIAC of a listed company shall
not hold any executive position in any other company at the √
same time
(d) The Board shall clearly define respective roles, responsibilities
√
and duties of the CFO, the HIAC and the CS
(e) The MD or CEO, CS, CFO and HIAC shall not be removed
from their position without approval of the Board as well
√
as immediate dissemination to the Commission and stock
exchange(s)
The MD or CEO, CS, CFO and HIAC of the company shall
attend the meetings of the Board:
3(2) Requirement
to attend Board of Provided that the CS, CFO and/or the HIAC shall not √
Directors’ Meetings attend such part of a meeting of the Board which involves
consideration of an agenda item relating to their personal
matters
3(3) Duties of
Managing Director (a) The MD or CEO and CFO shall certify to the Board that they
(MD) or Chief have reviewed financial statements for the year and that to the
Executive Officer best of their knowledge and belief:
(CEO) and Chief
(i) these statements do not contain any materially untrue
Financial Officer
statement or omit any material fact or contain statements that √
(CFO)
might be misleading; and
(ii) these statements together present a true and fair view of the
company’s affairs and are in compliance with existing accounting √
standards and applicable laws
(b) The MD or CEO and CFO shall also certify that there are, to
the best of knowledge and belief, no transactions entered into
by the company during the year which are fraudulent, illegal or √
in violation of the code of conduct for the company’s Board or
its members
(c) The certification of the MD or CEO and CFO shall be
√
disclosed in the Annual Report
4. Board of Directors’ Committee
For ensuring good governance in the company, the Board shall
have at least following subcommittees:
(i) Audit Committee; and √
NRC Committee has been
disolved at 30.06.2021 to
(ii) Nomination and Remuneration Committee comply with BRPD letter
No.BRPD(R-1)717/2021-5064
dated 16.06.2021

Compliance Status
(Put √ in the
Not
Complied
Complied
5. Audit Committee
(1) Responsibility
to the Board of
Directors
The company shall have an Audit Committee as a sub-
(a) √
committee of the Board;
The Audit Committee shall assist the Board in ensuring that
the financial statements reflect true and fair view of the state
(b) √
of affairs of the company and in ensuring a good monitoring
system within the business
The Audit Committee shall be responsible to the Board; the
(c) duties of the Audit Committee shall be clearly set forth in √
writing
5(2) Constitution of
the Audit Committee
The Audit Committee shall be composed of at least 3 (three)
(a) √
members
The Board shall appoint members of the Audit Committee
who shall be nonexecutive directors of the company excepting
(b) √
Chairperson of the Board and shall include at least 1 (one)
independent director
All members of the audit committee should be “financially
literate” and at least 1 (one) member shall have accounting or
(c) √
related financial management background and 10 (ten) years of
such experience;
When the term of service of any Committee member expires
or there is any circumstance causing any Committee member
to be unable to hold office before expiration of the term of
service, thus making the number of the Committee members to
(d) be lower than the prescribed number of 3 (three) persons, the Not applicable
Board shall appoint the new Committee member to fill up the
vacancy immediately or not later than 1 (one) month from the
date of vacancy in the Committee to ensure continuity of the
performance of work of the Audit Committee;
The company secretary shall act as the secretary of the
(e) √
Committee
The quorum of the Audit Committee meeting shall not
(f) √
constitute without at least 1 (one) independent director
5(3) Chairperson of
the Audit Committee
The Board shall select 1 (one) member of the Audit Committee
(a) to be Chairperson of the Audit Committee, who shall be an √
independent director
In the absence of the Chairperson of the Audit Committee, the
remaining members may elect one of themselves as Chairperson
for that particular meeting, in that case there shall be no
(b) Not applicable
problem of constituting a quorum as required under condition
No. 5(4)(b) and the reason of absence of the regular Chairperson
shall be duly recorded in the minutes
Chairperson of the Audit Committee shall remain present in the
Annual General Meeting (AGM):
Provided that in absence of Chairperson of the Audit Shall be invited to

(c) Committee, any other member from the Audit Committee √
remain present
shall be selected to be present in the annual general meeting
(AGM) and reason for absence of the Chairperson of the Audit
Committee shall be recorded in the minutes of the AGM.

Compliance Status
(Put √ in the
Not
Complied
Complied
5(4) Meeting of the
Audit Committee
The Audit Committee shall conduct at least its four meetings in

a financial year:
(a) Provided that any emergency meeting in addition to regular √
meeting may be convened at the request of any one of the
members of the Committee
The quorum of the meeting of the Audit Committee shall be

constituted in presence of either two members or two third
(b) √
of the members of the Audit Committee, whichever is higher,
where presence of an independent director is a must
5(5) Role of Audit

Committee
(a) Oversee the financial reporting process √
(b) Monitor choice of accounting policies and principles √
monitor Internal Audit and Compliance process to ensure that

it is adequately resourced, including approval of the Internal
(c) √
Audit and Compliance Plan and review of the Internal Audit and
Compliance Report;
(d) Oversee hiring and performance of external auditors √
Hold meeting with the external or statutory auditors for review

(e) of the annual financial statements before submission to the √
Board for approval or adoption
Review along with the management, the annual financial Role of Audit
(f) √ Committee as per
statements before submission to the Board for approval
Bangladesh Bank
Review along with the management, the quarterly and half yearly guidelines and
(g) √
financial statements before submission to the Board for approval services rules of
the Bank
(h) Review the adequacy of internal audit function √
Review the Management’s Discussion and Analysis before

(i) √
disclosing in the Annual Report
Review statement of all related party transactions submitted by

(j) √
the management
Review Management Letters or Letter of Internal Control

(k) √
weakness issued by statutory auditors;
Oversee the determination of audit fees based on scope and

magnitude, level of expertise deployed and time required
(l) √
for effective audit and evaluate the performance of external
auditors; and
Oversee whether the proceeds raised through Initial Public

Offering (IPO) or Repeat Public Offering (RPO) or Rights Share
Offer have been utilized as per the purposes stated in relevant
offer document or prospectus approved by the Commission:
Provided that the management shall disclose to the Audit Role of Audit
Committee about the uses or applications of the proceeds Committee as per
by major category (capital expenditure, sales and marketing Bangladesh Bank
(m) expenses, working capital, etc.), on a quarterly basis, as a part of √
guidelines and
their quarterly declaration of financial results: services rules of
the Bank
Provided further that on an annual basis, the company shall
prepare a statement of the proceeds utilized for the purposes
other than those stated in the offer document or prospectus for
publication in the Annual Report along with the comments of
the Audit Committee.

Compliance Status
(Put √ in the
Not
Complied
Complied
5(6) Reporting
of the Audit
Committee
(i) The Audit Committee shall report on its activities to the
√
Board.
(ii) The Audit Committee shall immediately report to the Board
on the following findings, if any:-
(a) report on conflicts of interests;
(a) Reporting to the (b) suspected or presumed fraud or irregularity or material
Board of Directors defect identified in the internal audit and compliance process or
in the financial statements;
(c) suspected infringement of laws, regulatory compliances
including securities related laws, rules and regulations; and
(d) any other matter which the Audit Committee deems
necessary shall be disclosed to the Board immediately;
No such event has
If the Audit Committee has reported to the Board about been identified
anything which has material impact on the financial condition
and results of operation and has discussed with the Board
and the management that any rectification is necessary and
(b) Reporting to the if the Audit Committee finds that such rectification has been
Authorities unreasonably ignored, the Audit Committee shall report such
finding to the Commission, upon reporting of such matters to
the Board for three times or completion of a period of 6 (six)
months from the date of first reporting to the Board, whichever
is earlier
5 (7) Reporting to
the Shareholders
and General
Investors
Report on activities carried out by the Audit Committee,
including any report made to the Board under condition No. 5(6)
(a)(ii) above during the year, shall be signed by the Chairperson Not applicable
of the Audit Committee and disclosed in the annual report of
the issuer company
6. Nomination and Remuneration Committee (NRC).-
(a) The company shall have a Nomination and Remuneration
Committee (NRC) as a subcommittee
of the Board
(b) The NRC shall assist the Board in formulation of the
(1) Responsibility nomination criteria or policy for determining qualifications,
to the Board of positive attributes, experiences and independence of directors
Directors and top level executive as well as a policy for formal process of
considering remuneration of directors, top level executive; NRC Committee
has been disolved
(c) The Terms of Reference (ToR) of the NRC shall be clearly set
on 30.06.2021
forth in writing covering the areas stated at the condition No.
to comply with
6(5)(b).
BRPD letter PD(R-
(2) Constitution of (a) The Committee shall comprise of at least three members 1)717/2021-5064
the NRC including an independent director; dated 16.06.2021
(b) All members of the Committee shall be non-executive
directors;
(c) Members of the Committee shall be nominated and
appointed by the Board;
(d) The Board shall have authority to remove and appoint any
member of the Committee;

Compliance Status
(Put √ in the
Not
Complied
Complied
(e) In case of death, resignation, disqualification, or removal
of any member of the Committee or in any other cases of
vacancies, the board shall fill the vacancy within 180 (one
hundred eighty) days of occurring such vacancy in the
Committee;
(f) The Chairperson of the Committee may appoint or co-opt
any external expert and/or member(s) of staff to the Committee
as advisor who shall be non-voting member, if the Chairperson
feels that advice or suggestion from such external expert and/
or member(s) of staff shall be required or valuable for the
Committee;
(g) The company secretary shall act as the secretary of the
Committee;
(h) The quorum of the NRC meeting shall not constitute without
attendance of at least an independent director;
(i) No member of the NRC shall receive, either directly or
indirectly, any remuneration for any advisory or consultancy role
or otherwise, other than Director’s fees or honorarium from the
Company
(a) The Board shall select 1 (one) member of the NRC to be
Chairperson of the Committee, who shall be an independent
director;
(b) In the absence of the Chairperson of the NRC, the remaining
members may elect one of themselves as Chairperson for
that particular meeting, the reason of absence of the regular
(3) Chairperson of Chairperson shall be duly recorded in the minutes;
the NRC (c) The Chairperson of the NRC shall attend the annual general
meeting (AGM) to answer the queries of the shareholders:
Provided that in absence of Chairperson of the NRC, any other
member from the NRC shall be selected to be present in the
annual general meeting (AGM) for answering the shareholder’s
queries and reason for absence of the Chairperson of the NRC
shall be recorded in the minutes of the AGM.
(a) The NRC shall conduct at least one meeting in a financial year;
(b) The Chairperson of the NRC may convene any emergency
meeting upon request by any member of the NRC;
(c) The quorum of the meeting of the NRC shall be constituted
(4) Meeting of the in presence of either two members or two third of the members
NRC of the Committee, whichever is higher, where presence of an
independent director is must as required under condition No.
6(2)(h);
(d) The proceedings of each meeting of the NRC shall duly be
recorded in the minutes and such minutes shall be confirmed in
the next meeting of the NRC.
(a) NRC shall be independent and responsible or accountable to
(5) Role of the NRC
the Board and to the shareholders;
(b) NRC shall oversee, among others, the following matters and
make report with recommendation to the Board:
(i) formulating the criteria for determining qualifications, positive
attributes and independence of a director and recommend
a policy to the Board, relating to the remuneration of the
directors, top level executive, considering the following:
(a) the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate suitable directors to run
the company successfully;
(b) the relationship of remuneration to performance is clear and
meets appropriate performance benchmarks; and

Compliance Status
(Put √ in the
Not
Complied
Complied
(c) remuneration to directors, top level executive involves a
balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of
the company and its goals;
(ii) devising a policy on Board’s diversity taking into
consideration age, gender, experience, ethnicity, educational
background and nationality;
(iii) identifying persons who are qualified to become directors
and who may be appointed in top level executive position in
accordance with the criteria laid down, and recommend their
appointment and removal to the Board;
(iv) formulating the criteria for evaluation of performance of
independent directors and the Board;
(v) identifying the company’s needs for employees at different
levels and determine their selection, transfer or replacement and
promotion criteria; and
(vi) developing, recommending and reviewing annually the
company’s human resources and training policies;
(c) The company shall disclose the nomination and remuneration
policy and the evaluation criteria and activities of NRC during
the year at a glance in its annual report.
7. External / Statutory Auditors
The issuer company shall not engage its external or statutory auditors to perform the following services of the
company, namely:-
(i) appraisal or valuation services or fairness opinions; √
(ii) financial information systems design and implementation; √
(iii) book-keeping or other services related to the accounting
√
records or financial statements;
7(1) (iv) broker-dealer services; √
(v) actuarial services; √
(vi) internal audit services or special audit services; √
(vii) any service that the Audit Committee determines; √
(viii) audit or certification services on compliance of corporate
√
governance as required under condition No. 9(1); and
(ix) any other service that creates conflict of interest. √
No partner or employees of the external audit firms shall
possess any share of the company they audit at least during
the tenure of their audit assignment of that company; his or
her family members also shall not hold any shares in the said
7(2) company: √
Provided that spouse, son, daughter, father, mother, brother,

sister, son-in-law and daughter-in-law shall be considered as
family members.
Representative of external or statutory auditors shall remain
present in the Shareholders’ Meeting (Annual General Meeting Shall be invited to
7(3) √
or Extraordinary General Meeting) to answer the queries of the remain present
shareholders.
8. Maintaining a Website by the Company
The company shall have an official website linked with the
8(1) √
website of the stock exchange.
The company shall keep the website functional from the date
8(2) √
of listing
The company shall make available the detailed disclosures
8(3) on its website as required under the listing regulations of the √
concerned stock exchange(s).

Compliance Status
(Put √ in the
Not
Complied
Complied
9. Reporting and Compliance of Corporate Governance
The company shall obtain a certificate from a practicing
Professional Accountant or Secretary (Chartered Accountant
or Cost and Management Accountant or Chartered Secretary)
9(1) other than its statutory auditors or audit firm on yearly basis √
regarding compliance of conditions of Corporate Governance
Code of the Commission and shall such certificate shall be
disclosed in the Annual Report.
The professional who will provide the certificate on compliance
9(2) of this Corporate Governance Code shall be appointed by the √
shareholders in the annual general meeting.
The directors of the company shall state, in accordance with
9(3) the Annexure-C attached, in the directors’ report whether the √
company has complied with these conditions or not.

Environmental,
Social and
Governance (ESG)
People and Communities Conduct and Compliance Transparency with
z IFIC focuses on employee z The Corporate Governance Stakeholders
diversity & inclusion, training structure of the Bank ensures z The Code of Conduct of the
& development, employment the highest levels of ethics, Bank ensures transparent
practices integrity, corporate governance dealings with internal and
z The Bank invests in the and regulatory compliance external stakeholders.
communities through the z The Board of Directors sets
Sustainable Livelihood Initiative the course and evaluates the
and Holistic Rural Development performance of compliance, risk
Program management & internal control,
z The Bank provides access to information & cyber security,
financial services to communities customer service, social and
including unbanked people environmental responsibility in
terms of sustainable finance and
financial inclusiveness
Responsible Financing and Product Responsibility

z IFIC Bank does not fund projects that have an adverse impact on the environment, health and safety levels as per
guidelines of Bangladesh Bank

IFIC Bank PLC is dedicated to ensuring are scheduled much in advance (before composition of its board of directors.
that its systems, procedures, and the start of each fiscal year) in order IFIC Bank emphasizes the combination
practices adhere to a high level of for members to prepare ahead. When of knowledge, skills, experience, and
Corporate Governance. It has a well- necessary, the Board will convene on an perception when hiring new directors.
defined and well-structured Corporate adhoc basis to discuss urgent matters. The shareholders elect the directors
Governance framework in place to The Board met thirty two (32) times in at the annual general meeting. The
support the Board’s goal of achieving fiscal year 2022 to study and examine Bank adheres to all applicable norms
long-term and sustainable value, as well a variety of key items that required its and regulations when it comes to
as to foster a culture that values ethical direction and approval. nomination, removal, casual vacancies,
behavior, integrity, and respect in order etc. Directors of the Bank are
to protect the interests of shareholders Initiatives implemented to independent of management and are not
and other stakeholders at all times. involved in the day-to-day operations of
Alongside, the Bank increasingly focused reduce ESG risks the Bank.
on social issues in response to the policy Board of Directors and Board
and guidelines of Bangladesh Bank, Competence Average experience of Board
putting particular emphasis on diversity, The Board of the Bank represents a well- Members
equity and inclusion. Bangladesh Bank balanced combination of experience
as a pioneer financial regulatory body and knowledge in the fields of law, 31 years
has been addressing sustainability small scale industries, agriculture, rural
issues in its policies and regulations and economy, risk management, finance, Time spent by the Board cumulatively
guiding Banks and FIs to accommodate credit, information technology, and in several familiarisation programs
Environmental, Social and Governance banking. There are two Independent during FY22
(ESG) issues in their financing portfolio
and credit/investment management.
Directors on the Bank’s Board of
Directors. Two women make up the 34 hours
Recognizing that IFIC Bank plays Board of Directors of the Bank’s nine
a catalytic role in speeding up the members. Independent Directors
adoption of environmentally friendlier
output practices in the real economy.
Independent Director 2
IFIC Bank follows relevant rules and
The Board meets regularly, and meetings regulations of regulators regarding the
Age Grouping of Directors
Age limit (Years) Number of Directors Remarks
One shareholder Director and one woman who is Independent

40-49 2
Director
One woman Director nominated by the Government, another two

60-69 6 Government nominated Director, one Independent Director and
Managing Director of the Bank
70-79 1 Shareholder Director
Human Management
Growth of Human Resources:
IFIC had around 23.89% growth in number of employees from 2021 to 2022.
3,956 4,901
Regular Workforce in 2021 Regular Workforce in 2022
23.89%

Distribution of Human Resources: Gender wise Distribution of Human
IFIC had 4,007 and 894 employees in its Resource: Age wise Distribution of Fig: Employee by Age
Branches and Head Office respectively Human Resource:
in the year 2022.
In a total of 4,901 employees, numbers
405
of male & female employees are 3,597 (8.3%)
81.76% and 1,304.
588
(12%)
73.39% 26.61% 2,835
(3,597) (1,304) (57.8%)
1,073
(21.9%)
18.24%
18-30 30-40
40-50 50-65
IFIC has a relatively younger segment of
human resources where 57.84% of the
employee fall within 30 years who give
Branch Head Office dynamic service under the guidance of
its experienced resources in the Bank.
Bank’s Sustainability through by reengineering the existing risks and capitalize on opportunities
process, minimize energy & resource related to sustainability and social
Technological Advancement
consumption and adopting environment responsibility.
The Bank is always trying to improve friendly technology. Thus, the Bank is
negative footprint on the environment re-positioning it’s position by managing

Report on
Sustainable Finance

Report on Sustainable Finance
With the aim of providing financial support to eco-friendly business activities, IFIC Bank has been focused on Sustainable Finance.
Through “IFIC Shohoj Rin” and “IFIC Aamar Subornogram”, bank has created more flexibility in financing on below mentioned
segments and sub segments under Sustainable Finance:
Sustainable finance
Sustainable
Green Finance
Linked Fianance
Sustainable Sustainable Socially

Agriculture CMSME Responsible Finance
Quarter wise loan disbursement scenario (figure in million) in Sustainable Finance in Year 2022, is mentioned below:
Quarter 1: Quarter 3:
1,552.87 2,118.73
Quarter 2: Quarter 4:
Figure in million 2,289.24 2,343.71
In 1st Quarter, Bank has financed in below mentioned sub segments:
Sustainable Linked Finance: 255.34 million
Sustainable Sustainable CMSME: 36.89 million

Agriculture :
10 million in
a) Live-stock
& poultry firm
b) Fisheries
segment
Sustainable CMSME Segment:
Green Fianance:
1,297.53 million Green
Products:
Sector: Green /Environment 208.44 million
in e) Producon
Friendly Establishments d) Rice of bio pescide,
Establishment Handicras b) Handloom c) Agro feed processing
of green producon of
and alike manufacturing industry
industry organic
cerfied by ferlizer
appropriate
authority

Disbursement scenario in sub segments of 2nd Quarter of Bank is mentioned below:
Sustainable Linked Finance: 346.83 million
Sustainable
Sustainable CMSME: 95.87 million
Agriculture:
0.12 million in
a) Live-stock &
poultry firm
b) Fisheries
segment
c) Poverty
alleviaon Sustainable CMSME Segment:
Green
Products:
220.83 million
Green Fianance: 1,951.53 million in
e)
Producon
Establishment of bio
a) Handi- b) Handloom c) Agro feed d) Rice
of green pescide,
cras and alike manufa- processing producon
Sector: industry cturing industry of organic
cerfied by ferlizer
appropriate
Green authority
Liquid waste /Environment Green
management Friendly CMSME
Establishments
Socially Responsible Finance: 30 million
In 3rd Quarter and 4th Quarter’s financing is mentioned accordingly:
Green Sustainable Green

Finance Linked finance Products 151.35 million in
Establishment of green
industry cerfied by
1,880.35 million 238.38 million appropriate authority
Segments: Subsegment wise

Disbursement:
a) Liquid waste
management a) Sustainable
Agriculture ->disbursed
b) Green CMSME
0.68 million in
Live-stock & poultry
firm, Fisheries segment
and Poverty alleviaon
b) Sustainable CMSME
-> disbursed 51.33
million in Handicras,
Handloom and alike,
Agro feed
manufacturing, Rice
processing industry,
Producon of bio
pescide, producon of
organic ferlizer
c) Socially Responsible
Finance->35 million in
financing/ investment
through MFI (MRA
regulated)/NGO
(Govt.approved) linkage
mode for capacity
building, employment
generaon including
self-employment

Scenerio : 3rd Quarter
Green Finance: Sustainable Linked finance: Sustainable Linked

z Disburment amount: z Disburment amount: finance:
1,837.89 million 505.82 million z Socially Responsible
z Disbursement z In Sustainable Finance->292
sector: Liquid waste CMSME, disbursed million in financing/ Green Products: 120
management, Green 93.82 million in investment through million in Brick kiln industry
CMSME, Green/ Handicrafts, Handloom MFI (MRA regulated)/ and Establishment of
Environment friendly and alike, Agro feed NGO (Govt.approved) green industry certified by
establishments manufacturing, Rice linkage mode for appropriate authority
processing industry, capacity building,
Production of bio employment
pesticide, production generation including
of organic fertilizer self-employment
Scenario : 4th Quarter

Corporate
Social Responsibility

IFIC Bank donateds BDT 100 million under CSR to PM’s IFIC Bank donates blankets to Prime Minister’s Relief Fund
Relief Fund for flood victims
IFIC Bank Trust Fund in University of Dhaka Research grant and scholarship program 2022
IFIC Bank inked MoU with Kumudini Trust to assist the educational expenses of nursing students

IFIC Bank Literary Awards 2019 held

IFIC Bank regularly published ethical rhymes in different mainstream national newspapers on a quarterly basis
throughout the year

Management
Discussion and
Analysis

Management Discussion and Analysis
Considering the aftermath of the global pandemic and the Lending Portfolio and segment Analysis
multi-faceted obstacles arising from the Russia-Ukraine war, The total lending portfolio of the bank reached to BDT
IFIC has taken various steps to overcome these challenges 354,454 million at the end of year 2022 compared to BDT
in the best possible way while at the same time continuing 305,061 million of year 2021. The lending book of the Bank
its strategic expansion nationally and achieving its goals of has grown by BDT 49,393 million demonstrated 16.2% growth
financial inclusion of diversified demographics within the over year 2021. During the year lending portfolio witnessed
country. On a product-level, the focus primarily remains on higher growth of mortgage-based finance namely “IFIC Aamar
the flagship product ‘Aamar Account’ and home loan product Bari” followed by corporate and SME lending. During the year
‘Aamar Bari’. Beside this, there is a strong intent on seizing under review, IFIC flagship product, IFIC Aamar Bari grew by
a greater market share of CMSME and increased financial BDT 25,730 million (+45.3%) and reached at BDT 82,580
inclusion of gross root level entrepreneurs, marginal & landless million as opposed to BDT 56,850 million of year 2021.
farmers, and other low-income individuals through products
like Shohoj Rin and Aamar Subornogram. On the bank’s
front, IFIC is continuing its expansion strategy with 1,043
Uposhakhas [sub-branches] as of Y2022.
Corporate Corporate
Y2022 62%
Y2021 66%
Thus, deepening stakeholders’ engagement and focusing on
achieving the target and initiatives, the Bank were able to
manage a respectable performance during the year under
review.
SME & Agri Retail SME & Retail
z Total footsteps of the Bank reached to 1,212 number 13% 25% Agri 14% 20%
across the country.
z Deposit of the Bank reached to BDT 375,585 million as
of 31 December 2022, which is 12.7% higher than the
previous year. On the other side, at the end of year 2022 corporate lending of
z Solo basis Earnings Per Share (EPS) of the Bank stood at the bank stood at BDT 219,597 million vis-à-vis BDT 200,454
BDT 1.66 during the year 2022 vis-à-vis BDT 1.11 on million of year 2021 representing growth of 9.5% over prior
year 2021. Return on Equity of the Bank also reached to year and SME & Agri loan grew by 6.7% compared year 2021.
10.4% from 7.6% of year 2022. The Bank has focused on diversification on portfolio mix to
z Net Interest Income [NII] of the Bank reached at BDT address the concentration risk, resulting at the end of year
7,814 million during the year 2022 vis-à-vis BDT 6,914 2022 Retail lending mix reached to 25.4% from 20.5% and
million of year 2021 which is 13.0% higher than the corporate lending mix reduce to 62.0% from 65.7%.
previous year. NII increased due to efficiently managing Asset Quality
the interest spread. The quality of loan portfolio of a bank presents its balance
z Operating profit of the Bank reached to BDT 6,602 sheet strength, sustainability and future profitability. A
million resulting 7.9% decline compared to the previous comprehensive and concentrated effort has been continuing
year. combining business units, Credit Risk Management, Special
z The Bank has reported profit after tax of BDT 2,970 Asset Management and Senior Management helped to
million which is 50.4% higher than the previous year. maintain non-performing lending ratio to 5.61% [2021: 6.09%]
at the end of year 2022 which is below the industry average
A brief review of comparative analysis and discussion of ratio of 8.16%. Non-performing ratio decreased compared
financial performance and operating result of the Bank and the to the previous year due to the upgrade of a few accounts.
underlying forces affecting this have been presented below: During the year under review, Bank made total provision of
Total Assets BDT 14,628 million on loans and advances on cumulative basis
During the year 2022 under review, total assets of the bank on its gross loan portfolio vis-à-vis BDT 11,571 million of prior
grew by BDT 59,395 million (+14.6%) against prior year and year.
stood at BDT 465,273 million from BDT 405,878 million Investment
of year 2021. Total assets comprise Cash & Bank Balance, IFIC’s total investment reached at BDT 52,749 million which
Investments, Loan & Advances, Fixed and Other Assets. Loans
contributed 11.3% of total assets with 2.4% fall from last year.
& advances holds 76.2% and Investment holds 11.3% of total
Govt. securities comprises 84.6% of total investment which
assets.
posted 3.0% fall over last year. These securities are mostly
used for the purpose of maintaining Statutory Liquid Ratio
Asset Composion (SLR) in line with Bangladesh Bank regulation. The remaining
15.4% of investment comprises investment in listed and un-
listed securities.
305,061
405,878
354,454
465,273
30,474
52,749
55,612
41,218
7,923
6,808
9,267
7,584
Cash & Investments Loans and Fixed Non-banking Total

Bank advances assets & Other Asset assets
Balance
Y2022 Y2021

BDT in Million
Particulars Y2022 Y2021 Growth % Liability & Equity Composion
Govt. Securities - Bond
& bills 44,619 48,725 (4,106) (8.4%)
Share, Bond & Mutual fund 5,427 3,978 1,449 36.4%
465,273
405,878
375,584
333,142
Overseas Investment 2,703 2,909 (206) (7.1%)
20,621
14,562
10,700
28,277
24,652
30,091
27,121
6,400
Total Investment 52,749 55,612 (2,863) (5.1%)
Fixed Assets Borrowing Subordinated Deposits Other Shareholders' Total

BDT in Million from other debt liabilies equity liabilies
banks & FIs and equity
Particulars Y2022 Y2021 Growth % Y2022 Y2021
Land & building 3,810 3,857 (47) (1.2%)
Furniture & fixture 372 315 57 18.0% Borrowings
Computer equipment 596 384 212 55.3% Borrowing comprises 90.5% borrowing under different
Office & Electrical equipment 1,097 894 203 22.7% refinancing schemes from Bangladesh Bank namely Exporter
Leasehold improvement 908 569 339 59.5% Development Fund [EDF], Pre shipment credit, Stimulus
package and Refinance under CMSME project. As of 31
Vehicles 25 36 (11) (29.9%)
December 2022, borrowing of the bank stood at BDT 20,621
CBS and other software 872 670 203 30.3% million opposed to BDT 14,562 million of last year. The
Sub-total 7,681 6,726 955 14.2% borrowing increased by 41.6% over last year mainly due to
Right of Use Assets 1,220 1,073 147 13.7% the increase of Refinance scheme from Bangladesh Bank and
Capital work in progress 366 125 241 193.5% Short-term borrowing.
BDT in Million
Total Fixed assets 9,267 7,923 1,344 17.0%
Particulars Y2022 Y2021 Growth %
Written down value [WDV] of Fixed Asset of the bank stood Refinance from Bangladesh
at BDT 9,267 million at the end of year 2022 as opposed to 18,671 14,305 4,366 30.5%
Bank
BDT 7,923 million of prior year. Land & building hold 41.1% of
Short term borrowing 1,850 257 1,593 618.7%
total fixed assets followed by 13.2% right of use assets under
IFRS 16 and remaining 45.7% comprises office equipment, Call Borrowing 100 - 100 100.0%
computer, IT equipment, core banking software, vehicles,
Total Borrowings 20,621 14,562 6,059 41.6%
furniture & fixture, improvement of leasehold properties
etc. WDV of fixed assets increased by BDT 1,344 million
over prior year which is aligned with the bank’s expansion Subordinated Bond
plan investment in IT infrastructure. Capital work in progress Sound capital is a predominated factor for banking business
represents mainly the amount paid for Card Management, ERP and without the optimum capital, no bank will be able to grow
Solution and different types of Software. Fixed assets have its balance sheet. Keeping it in mind, Bank issued IFIC Bank 3rd
increased mainly due to expansion of the networks of the Bank non-convertible, unsecured, floating rate sub-ordinated bond
during the year. of BDT 5,000 million with seven-year maturity during the year
2022 which was subsequently subscribed fully as Tier II capital
Other Assets of the Bank. As a result, total outstanding balance under the
Other Assets comprise Advance, Deposit & Prepayments, head of sub-ordinated bond stood at BDT 10,700 million at
Accrued Income Receivable, Deferred Tax Asset, Investment in the end of year 2022 vis-à-vis BDT 6,400 million of year 2021.
Subsidiaries etc. At the end of year 2022 Other Assets of the Both the sub-ordinated bonds are rated by CRAB as AA3 (Hyb)
Bank stood at BDT 7,436 million against BDT 6,659 million in long term category with stable outlook which is judged to be
of year 2021 i.e., Other Assets of the bank grew by BDT 777 of very high quality with very low credit risk.
million or 11.7% over year 2021.
Deposits
Particulars Y2022 Y2021 Growth % Deposits are the main sources of funding for a bank and IFIC
Stationery and Stamps 23 31 (8) (24.9%)
has been continuing its upward and sustainable growth over
the years. At the end of year 2022 total deposit of the Bank
Suspense Account 866 785 81 10.3%
reached to BDT 375,584 million vis-à-vis BDT 333,142 million
Advance, Deposit and of year 2021. Total deposits of the bank grew by BDT 42,442
761 734 27 3.6%
Prepayments
million representing 12.7% higher than the previous year. IFIC
Accrued Interest Income 1,018 1,604 (586) (36.6%) flagship products, IFIC Aamar account contributed the highest
Investment in Subsidiaries 2,630 2,635 (5) (0.2%) growth among the deposit products followed by another
Deferred Tax Assets 2,099 801 1,298 162.0% flagship products IFIC Shohoj account and fixed deposits. At
Other Receivable 39 69 (30) (42.8%)
the end of year 2022 IFIC Aamar account reached at BDT
106,027 million with vis-à-vis BDT 84,535 million representing
Total Other Assets 7,436 6,659 777 11.7%
25.4% growth compared to the prior year. Leveraging the
Total Liabilities & Equity large numbers of network throughout the country, the Bank
Total Liabilities & Equity comprises Borrowing from Other was able to maintain the healthy growth of retail deposit IFIC
Banks & FIs, Non-convertible unsecured Subordinated Bond, Aamar account which helped to push up the CASA ratio of
Customer Deposits, Loan Loss Provision, Provision for Taxes, the Bank. At the end of year 2022 CASA ratio stood at 39.8%
Accrued Expenses and Shareholders’ Equity. Customer Deposits against 38.2% of year 2021.
holds 80.7% followed by Shareholders’ Equity, Other Liabilities,
Borrowings and Subordinated Bonds.

BDT in Million Particulars Y2022 Y2021 Var Var(%)
Particulars Y2022 Y2021 Growth % General reserve 155 155 0 0.0%
Aamar A/c 106,027 84,535 21,493 25.4% Revaluation reserve 206 177 29 16.4%
Shohoj A/c 3,420 2,206 1,213 55.0% Retained earnings 3,233 2,022 1,210 59.9%
Other CASA 54,631 54,708 (77) (0.1%) Total shareholders’ equity 30,091 27,121 2,969 10.9%
Total CASA 149,377 127,396 21,980 17.3%
Bank is resuming its concentration on managing and
FD & Others 226,208 205,746 20,462 9.9%
maintaining its capital at appropriate levels to support
Total 375,584 333,142 42,442 12.7% the bank’s future business strategy and meet regulatory
CASA Ratio 39.8% 38.2% 1.5% requirements. The paid-up capital increased by 5%.
Capital Management
Capital Management is intrinsically linked to the risk
management and the long-term strategy of the Bank. As per
Govt. Govt. Basel III guidelines of Bangladesh Bank, Bank follows the
Y2022 10%
Y2021 10% standardized approach for measurement of market risk and
basic indicator approach for measurement of operation risk. As
part of the risk management strategy, Bank is always focused
Private Household Private Household to maintain strong Capital to Risk Weighted Assets (CRAR) to
24% 66% 29% 61% ensure strong Capital base with adequate buffer to absorb any
unforeseen shocks in the future. To meet regulatory capital
and strengthen the capital base, Bank has issued IFIC Bank 3rd
Non-Convertible, Unsecured, Redeemable Subordinated Bond
On sectoral aspect, household retail deposit increased to (Tier-II capital) of BDT 5,000 million on 20 September 2022 in
66.1% from 60.6% of year 2021 and holding of Private Sector compliance with BASEL III requirement of Bangladesh Bank.
deposit reduced to 23.5% from 29.1% from of year 2021. BDT in Million
Other liabilities Particulars Y2022 Y2021 Var Var (%)

As of 31 December 2022, total other liabilities of the bank Total RWA 338,564 300,759 37,805 12.6%
stood at BDT 28,276 million vis-à-vis BDT 24,652 million of Paid up Capital 17,859 17,009 850 5.0%
year 2021. Total other liabilities of the bank grew by BDT 3,624 Reserve & Serplus 9,835 8,948 887 9.9%
million due to increase in loan loss provision of BDT 3,016
Tier 1 Capital 27,694 25,957 1,738 6.7%
million, provision for taxation net off AIT BDT 196 million
and Withholding tax VAT & Excise duty 311 million. Loan loss Tier 2 capital 15,572 13,449 2,123 15.8%
provision and provision for investment increased by 30% and Total Capital 43,266 39,406 3,860 9.8%
3% respectively due to downgrade of few accounts as their Required Capital 42,321 37,595 4,726 12.6%
business were impacted due to global economy crisis. Surplus/Short 946 1,811 (865) (47.8%)
BDT in Million Tier 1 Capital to RWA 8.18% 8.63% - (0.45%)
Particulars Y2022 Y2021 Var Var(%) Tier 2 Capital to RWA 4.60% 4.47% - 0.13%
Provision for loans and Maintained CRAR 12.78% 13.10% - (0.32%)
13,141 10,125 3,016 29.8%
advance Required CRAR 12.50% 12.50% - -
Provision for investment &
1,486 1,447 39 2.7% At the end of Y2022 the Bank maintained total capital of BDT
other assets
Interest suspense accounts 8,062 8,404 (342) (4.1%) 43,266 million against the requirement of BDT 42,321 million.
Capital to Risk Weighted Ratio [CRAR] stands at 12.78%
Provision for taxation net
off AIT
2,210 2,014 196 9.7% against the requirement of 12.50%.
Lease Liability 1,092 940 152 16.2% Financial Performance
Interest payable on BDT in million
330 165 165 100.0%
borrowing and bond
Particulars Y2022 Y2021 Var Var(%)
Accrued expenses 137 147 (10) (6.8%)
Interest income 26,012 22,347 3,666 16.4%
Withholding tax VAT &
1,136 825 311 37.7% Interest Expense 18,198 15,433 2,766 17.9%
Excise duty
Net interest income (NII) 7,814 6,914 900 13.0%
Others 682 585 97 16.6%
Investment income 3,260 4,191 (932) (22.2%)
Total Other liabilities 28,276 24,652 3,624 14.7%
Fees, exchange commission 3,657 2,552 1,105 43.3%
Shareholders’ equity Other operating income 217 180 37 20.6%
Bank reported shareholders’ equity of BDT 30,091 million Operating Income 14,947 13,837 1,110 8.0%
compared to BDT 27,121 million of year 2021. The Operating Expenses 8,345 6,669 1,676 25.1%
shareholder’s equity is composed of paid-up capital, statutory
reserve, general reserve and retained earnings. Operating Profit 6,602 7,168 (565) (7.9%)
BDT in Million Loan loss provision 2,203 2,703 (499) (18.5%)
Particulars Y2022 Y2021 Var Var(%) Profit before tax 4,399 4,465 (66) (1.5%)
Paid-up capital 17,859 17,009 850 5.0% Tax 1,429 2,490 (1,061) (42.6%)
Statutory reserve 8,638 7,758 880 11.3% Profit after tax 2,970 1,975 995 50.4%

Net interest income [NII] BDT in million
At the end of year 2022, weighted average return on advance Particulars Y2022 Y2021 Var Var(%)
[RoAdv] come down to 7.60% vis-à-vis 7.83% of Y2021
and weighted average cost of fund [CoF] reached to 4.73% Locker rent 18 16 2 12.5%
vis-à-vis 4.55% of Y2021. As a result, NII/Spread of the Bank Cheque Book charge recovery 66 45 21 46.7%
stood at 2.87% opposed to 3.28% of the prior year. Although
SWIFT charges recovery 14 19 -5 (26.3%)
the RoAdv reduced by 0.23%, total interest income of the
bank, increased to BDT 26,012 million (+16.4%) vis-à-vis Miscellaneous earning 119 100 19 19.0%
BDT 22,347 million of year 2021 due to increase the lending Total other operating income 217 180 37 20.6%
portfolio by BDT 49,393 million [Y2022: BDT 354,454;
Y2021: BDT 305,061]. On the other side, during the Y2022 Operating expenses
Bank, incurred total interest expense of BDT 18,198 million In the year 2022 Bank incurred total operating expenses of
[+17.9%] opposed to BDT 15,433 million of prior year. During BDT 8,345 million (+25.1%) as opposed to BDT 6,669 million
the Y2022 Bank incurred higher interest expenses against of Y2021. Operating expenses increased by BDT 1,676
the same period of prior year mainly for increase the deposits million compared to Y2021 mainly for increased the network
portfolio by BDT 42,442 million [Y2022: BDT 375,585; Y2021: of the Bank. Out of the total operating expenses salary and
BDT 333,142] and increased the CoF by 0.18%. After netting allowances increased by BDT 504 million [Y2022: BDT 3,618
the of the interest expenses from interest income, Net Interest million – BDT 3,114 million of Y2021] representing growth
Income [NII] of the Bank stood at BDT 7,814 million vis-à-vis of +16.2% over previous year mainly for increase the number
BDT 6,914 million of Y2021. NII increased by 13.02% mainly employees for supporting of new network [Branches and
for higher lending portfolio based over Y2021. Uposhakhas] At the end of Y2022 total number of employees
Investment income stood at 4,977 vis-à-vis 4,023 of Y2021. Occupancy cost of
At the end year 2022 investment income of the Bank reached the Bank has reached at BDT 399 million (after application
at BDT 3,260 million vis-à-vis BDT 4,191 million compared of IFRS-16) vis-à-vis BDT 297 million from the previous year
to prior year. Total investment income decreases by 22% resulting +34.6% growth and utilities expenses [electricity &
compared to last year due to absence of capital gain from water] has increased by BDT 33 million +23.5% compared
capital market operations. to prior year due to the number of total networks reached at
1,212 nos. Petrol, oil and lubricants expenses of the Bank
BDT in million has reached at BDT 94 million during the year. In line with
Bangladesh Bank instructions, the banks has taken necessary
Particulars Y2022 Y2021 Var Var (%) initiatives to rationalize the usage of fuel & electricity, such
Treasury bills and bonds 2,870 2,779 91 3.3%
as, strict maintenance of office hour, rationalizing uses of
electricity e.g. set lower threshold level of air conditioning
Interest on reverse repo 9 3 6 160.4% temperature, switching of 50% of lights etc., encourage to
use digital form instead of hard copies of paper, control use of
Profit/Interest on bond 251 - 251 100.0%
printer photocopier and other stationaries, encourage online
Gain/(loss) on share sale 4 1,159 (1,155) (99.7%) meeting and training, minimize the fuel consumption etc.
Above initiatives helped to rationalize the noted mentioned
Dividend income 126 250 (124) (49.8%)
expenses though Bank is an expansion phase. During the year
Total Investment income 3,260 4,191 (932) (22.2%) 2022. CSR expenses of the Bank reached to BDT 192 million
vis-à-vis BDT 106 million of previous year representing +81%
Commission, exchange and brokerage growth. Depreciation expenses of the Bank has also reached
At the end of Y2022 commission-based income of the Bank at 1,091 million compared to BDT 892 million of Y2021
reached at BDT 3,657 million vis-à-vis BDT 2,552 million representing +22.3% growth due to expansion of the networks
of Y2021 i.e. Commission & exchange income increased by of the Bank. During the year 2022, total network of the Bank
43.3% opposed to the previous year mainly for positive growth reached at 1,212 no. compared to 890 nos of Y2021.
in trade business [Y2022: BDT 227,352 million Y2021: BDT
Operating profit
198,392 million i.e. (+28,960 million)] and exchange gain of
At the end of year 2022 operating profit of the Bank stood
BDT 1,428 million vis-à-vis BDT 593 million of Y2021 resulting
at BDT 6,602 million opposed to BDT 7,168 million achieved
140.8% growth compared to the prior year.
in year 2021. Operating profit of the Bank decreased by
BDT in million
7.9% compared to previous year due to increase in operating
Particulars Y2022 Y2021 Var Var(%) expenses mainly for expansion of network.
Fees & Commission 1,986 1,829 157 8.6% Provision
Bank charged provision of BDT 3,056 million in Y2022
Fees and Commission-
(gross basis) against its lending portfolio [performing + non-
Cards 243 130 113 86.9%
performing], other assets, investments and off-balance sheet
Exchange gain/(loss) 1,428 593 835 140.8% exposure. However after netting off write off recovery of BDT
853 million, total net provision expenses of the Bank stood at
Total Fee based income 3,657 2,552 1,105 43.3%
BDT 2,203 million opposed to BDT 2,703 million of Y2021.
Other operating income Profit Before Tax (PBT)
At the end of year 2022, other operating income reached The Bank earned PBT during the year 2022 amounting to BDT
at 217 million vis-à-vis BDT 180 million in year 2021. Other 4,399 million (-1.5%) vis-à-vis BDT 4,465 million of year 2021.
operating income of the bank increased by 20.6% over prior The PBT almost remained same of prior year mainly for higher
year due to increase of the volume of business. operating expenses and loan loss provision.

Provision for Tax of bad/loss] and timing difference of its tax assets and liabilities
Current Tax: The Bank has made current tax provision in the including IFRS 16: Leases
books of accounts considering prevailing tax laws and prior
After netting of the deferred tax income of BDT 1298 million,
years’ excess/surplus provision. At the end of year 2022 total
total tax expense of the Bank stood at BDT 1,429 million
current tax expense of the Bank stood at BDT 2,726 million
compared to BDT 2,490 million of year 2021 which is BDT
vis-à-vis BDT 2,579 million of year 2021.
1,061 million lower than prior year.
Deferred Tax: At the end of year 2022 total deferred tax
Profit After Tax (PAT) – Solo
income of the Bank stood at BDT 1,298 million compared to
At the end of year 2022 PAT of the Bank stood at BDT 2,970
BDT 89 million of year 2021. According the IAS 12: Income
million vis-à-vis BDT 1,975 million in the year 2021 which is
Taxes and subsequent direction of Bangladesh Bank, IFIC
50% higher than the previous year.
recognized deferred tax assets on loan loss provision [category
Financial Performance of the Subsidiaries

BDT in Million
IFICSL IFIC UK IFICIL Total
Particulars
Y2022 Y2021 Y2022 Y2021 Y2022 Y2021 Y2022 Y2021
Fees & Commission 662.08 737.37 49.28 32.05 36.39 171.32 747.75 940.75
Other income 4.60 7.36 0.63 1.54 4.22 6.34 9.45 15.24
Total Revenue 666.68 744.73 49.91 33.59 40.61 177.67 757.20 955.99
G&A Expense 263.17 284.72 44.09 35.32 7.33 16.46 314.59 336.50
Operating Profit 403.51 460.01 5.83 (1.73) 33.28 161.20 442.61 619.48
Provision - - - - 13.49 - 13.49 -
PBT 403.51 460.01 5.83 (1.73) 19.79 161.20 429.12 619.48
Tax 103.20 114.96 - - 5.13 17.59 - 132.54
PAT 300.30 345.05 5.83 (1.73) 14.66 143.62 429.12 486.94
Financial Performance of Associates

BDT in Million
Y2022 Y2021
Particular Holding
Total IFIC’s Total IFIC’s
OE LLC 49.00% 120.26 58.93 49.63 24.32
As a part of withdrawal of the investment from Nepal by selling BDT in million

off the entire shares of Nepal Bangladesh Bank Ltd [NBBL]
held by IFIC Bank PLC as Promoter and to return the fund to Particulars Y2022 Y2021 Var
Bangladesh, the NBBL has been merged with Nabil Bank Limited NAV PS –Solo 16.85 15.19 1.66
(NBL) of Nepal on 11 July 2022 with a Share Swap Ratio of NOCFPS- Consolidated 1.20 4.11 (2.92)
(1:0.43) i.e. 0.43 shares of NBL for every share of NBBL. As per
the share purchase agreement signed on 13 February 2022, Ms. NOCFPS- Solo 0.92 3.88 (2.95)
Sarika Chaudhary will purchase the shares acquired by IFIC Bank * Previous year’s figure has been restated.
through merger and acquisition. The consideration for this sale
At the end of year 2022 EPS of the Bank stood at BDT 1.66
as included in the agreement of NPR 6,187,007,568 is expected
compared to BDT 1.11 of the year 2021 on standalone basis
to be transferred to IFIC Bank in exchange for its shareholding
and consolidated EPS of the Bank stood at BDT 1.93 compared
in Nabil Bank Limited within 16 July 2023 subject to compliance
to BDT 1.42 of year 2021. At the same time Net Operating
of regulatory norms of Nepal. Subsequent to the merger, as of
Cash Flow per Share of the Bank (NOCFPS) was BDT 0.92
30 September 2022, IFIC classified this investment in the books
from BDT 3.88 of last year on standalone basis and BDT 1.20
of accounts as “held for sale”. Consequently, the investment has
[Y2021: BDT 4.11] on consolidated basis. On the other hand,
been measured at the lower of carrying amount and fair value
at the end of year 2022 NAV per share of the Bank stood
less costs to sell and presented as a separate line item in the
at BDT 16.85 [Y2021 BDT 15.19] on standalone basis and
notes to the financial statements.
consolidated NAV stood at BDT 18.82 in year 2022 compared
to BDT 16.93 of year 2021.
EPS, NOCFPS and NAV/share
BDT in million
Particulars Y2022 Y2021 Var
EPS-Consolidated 1.93 1.42 0.51
EPS-Solo 1.66 1.11 0.55
NAV PS –Consolidated 18.82 16.93 1.89

Value Added Statement
BDT in million
Y2022 Y2021
Particulars
Amount % Amount %
Value Added by Bank:
Interest income 26,012 83.5% 22,347 86.7%
Non-interest income 7,133 22.9% 6,923 26.9%
+/(-) Provision (2,203) (7.1%) (2,703) (10.5%)
+/(-) Deferred tax income/(expense) 1,298 4.2% 89 0.3%
+/(-) Depreciation (1,091) (3.5%) (892) (3.5%)
Total Value Added by the Bank 31,149 100.0% 25,764 100.0%
Distribution of Value Addition:
Government - Bank’s Tax, VAT etc. 2,763 8.9% 1,975 7.7%
Employees - Salary & benefits 3,618 11.6% 3,114 12.1%
Depositors as interest 18,198 58.4% 15,433 59.9%
Supplier and other vendors 2,749 8.8% 2,458 9.5%
Shareholders - Dividend 850 2.7% 810 3.1%
Expansion and growth - reserve, retained earnings etc 2,970 9.5% 1,975 7.7%
Total Distribution by the Bank 31,149 100% 25,764 100%
Particulars Y2022 Particulars Y2021
Interest income 83.5% Interest income 86.7%
Non-interest income 22.9% Non-interest income 26.9%
Provision (7.1%) Provision (10.5%)
Deferred tax 4.2% Deferred tax 0.3%
Depreciation (3.5%) Depreciation (3.5%)
Total 100.0% Total 100.0%
Particulars Y2022 Particulars Y2021
Government 8.9% Government 7.7%
Employees 11.6% Employees 12.1%
Depositors and Suppliers 67.2% Depositors and Suppliers 69.4%
Shareholders 2.7% Shareholders 3.1%
Retained in the Business 9.5% Retained in the Business 7.7%

Value Added by the Bank
Y2022 Y2021
Deferred tax, Deferred tax, Depreciaon,

4.2% 0.3% -3.5%
Depreciaon,
-3.5%
Provision,
Provision, -10.5%
-7.1%
Non-interest
Non-interest Interest income, income, 26.9%
income, 22.9% Interest income,
83.5%
86.7%
Value Distributed by the Bank
Y2022 Y2021
Shareholders, Shareholders,
2.7% 3.1%
Retained in the Retained in the

Depositors Depositors Business, 7.7%
and Suppliers, Business, 9.5% and Suppliers,
67.2% 69.4%
Government, Government,
8.9% 7.7%
Employees, 12.1%
Employees, 11.6%

Flagship
Products & Services

Branding and
Promoonal
Acvies

Branding and Promotional Activities
IFIC Bank has carried out sustained promotional prospect.The bank received of Commerce and Industry (FBCCI),
promotional activities to create positive responses from customers Metropolitan Chamber of Commerce
awareness about the brand and products because of those activities. and Industry (MCCI), ATN News, NTV,
in the year 2022. RTV, Channel I and many others.
The Bank also sponsored a good number
To promote the signature products of events and activities throughout the Bank is also running its media campaign
and services bank has made new year including the founding anniversary throughout the year through digital
commercials for IFIC Suborno Gram of Dhaka Metropolitan Police, Founding media channels, Television, online news
and IFIC 24/7 Remittance service anniversary of Rapid Action Battalion portals on regular basis. Bank has also
along with an updated version of (RAB), Dhaka Ahsania Mission, Dhaka created numerous social communication
other signature products and service- University Alumni Association, Kali O posts on different occasions like the
related advertisements of IFIC Aamar Kalam Tarun Kabi O Lekhak Puroshker inauguration of Padma Bridge. Bank has
Protibeshi, IFIC Aamar Account. A wide 2021, Rabindra Academy, Bengal also sponsored The Great Padma Book
TVC campaign was launched across all Institute, Dhaka Stock Exchange, published by Bengal Institute.
popular different Television channels Chittagong Stock Exchange, The
and social media platforms on the Federation of Bangladesh Chambers

Media
Highlights

Media Highlights

Media Highlights

Shareholders’
Informaon

Directors’ Shareholding Status
Directors’ Shareholding Status as at 31 December 2022
Sl.
Name of the Directors Status Holding in % 2022 2021
No.
1 Mr. Salman F Rahman Chairman 2.00 35,728,274 34,026,928
2 Mr. Ahmed Shayan Fazlur Rahman* Vice Chairman 2.11 37,701,652 35,906,336
3 Mr. A. R. M. Nazmus Sakib** Director 2.03 36,298,500 34,570,000
4 Ms. Rabeya Jamali Independent Director Nil Nil Nil
5 Mr. Sudhangshu Shekhar Biswas Independent Director Nil Nil Nil
6 Ms. Quamrun Naher Ahmed*** Govt. Nominated Director
7 Mr. Md. Zafar Iqbal, ndc*** Govt. Nominated Director 32.75 584,860,071 557,009,592
8 Mr. Md. Golam Mostofa*** Govt. Nominated Director
9 Mr. Mohammad Shah Alam Sarwar Managing Director & CEO Nil Nil Nil
Total 38.89 694,588,497 661,512,856
* Represents M/s. New Dacca Industries Limited against its holding of 2.11% shares in the Bank.
** Represents M/s. Tradenext International Limited against its holding of 2.03% shares in the Bank.
*** Directors nominated by the Ministry of Finance, Govt. of the Peoples’s Republic of Bangladesh against its holding of 32.75% shares in the Bank.
Distribution of Shareholding
31 December 2022 31 December 2021
Category
No. of Share % Amount in Taka No. of Share % Amount in Taka
Sponsors & Directors 109,728,426 6.14% 1,097,284,260 104,503,264 6.14% 1,045,032,640
Government (Director also) 584,860,071 32.75% 5,848,600,710 557,009,592 32.75% 5,570,095,920
Sub-Total 694,588,497 38.89% 6,945,884,970 661,512,856 38.89% 6,615,128,560
Institutions 373,973,083 20.94% 3,739,730,830 341,002,821 20.05% 3,410,028,210
Foreign Investors 19,757,607 1.11% 197,576,070 18,213,583 1.07% 182,135,830
General Investors 697,591,752 39.06% 6,975,917,520 680,138,301 39.99% 6,801,383,010
Sub-Total 1,091,322,442 61.11% 10,913,224,420 1,039,354,705 61.11% 10,393,547,050
Total 1,785,910,939 100% 17,859,109,390 1,700,867,561 100% 17,008,675,610
* The Government is representing on the Board of the Bank by nominating 03 (Three) Directors and as such, Sponsors & Directors are at present
holding 38.89% shares of the Bank.
Shareholding Status (%) 2022 Shareholding Status (%) 2021
39.06% 39.99%
6.14%
Sponsors & Directors
6.14% Instuons
General Investors
1.11%
Government
(Director also)
Foreign Investors 1.07%
32.75%
20.94% 32.75%
20.05%

Five Years Performance of the Bank
BDT in million
Particulars 2022 2021 2020 2019 2018
Financial Position
Authorized capital 40,000 40,000 40,000 40,000 20,000
Paid-up capital 17,859 17,009 16,199 14,726 13,387
Reserves and Profit Surplus 12,232 10,112 8,999 9,871 8,729
Shareholders’ Equity 30,091 27,121 25,198 24,597 22,116
Deposits 375,584 333,142 296,369 258,368 226,364
Borrowings 20,621 14,562 13,022 8,216 9,969
Subordinated debt 10,700 6,400 2,100 2,800 3,500
Other liabilities 28,277 24,652 20,105 22,969 21,124
Total liabilities 435,182 378,757 331,596 292,353 260,957
Total Liability and Shareholders Equity 465,273 405,878 356,794 316,950 283,073
Cash and cash equivalents 41,218 30,474 29,718 24,582 28,077
Loans and advances 354,454 305,061 260,650 228,589 206,930
Investments 52,749 55,612 52,722 45,500 31,304
Fixed assets 9,267 7,923 7,495 6,384 5,438
Other Assets 7,584 6,808 6,208 11,896 11,325
Total Assets 465,273 405,878 356,794 316,950 283,073
AD ratio 87.47% 85.06% 82.40% 84.08% 86.83%
Total off-balance sheet items 69,935 71,384 50,484 51,095 60,436
Interest earning assets 408,907 359,419 317,877 275,640 245,250
Non-interest earning assets 58,065 47,258 38,917 41,311 37,824
Financial Performance
Interest income 26,012 22,347 21,159 24,426 18,965
Interest expenses 18,198 15,433 18,295 18,028 14,405
Net interest income (NII) 7,814 6,914 2,864 6,398 4,560
Investment income 3,260 4,191 3,455 2,626 2,358
Fees income on Commission, exchange and brokerage 3,657 2,552 1,922 1,650 1,593
Other operating income 217 180 184 446 490
Operating expenses 8,345 6,669 5,523 5,999 5,106
Operating profit 6,602 7,168 2,902 5,120 3,895
Provision for loans and assets 2,203 2,703 1,237 943 1,035
Profit before tax 4,399 4,465 1,664 4,177 2,859
Current tax 2,726 2,579 963 1,700 1,080
Deferred tax expense/(income) (1,298) (89) 139 34 209
Provision for Taxation 1,429 2,490 1,102 1,734 1,289
Profit after tax 2,970 1,975 562 2,444 1,570
Trade Business
Import 106,372 110,718 77,078 86,203 101,642
Export 120,981 87,674 74,061 94,645 98,257

BDT in million
Particulars 2022 2021 2020 2019 2018
Capital Measure
Risk weighted assets (RWA) 338,564 300,759 255,639 227,798 213,011
Common Equity Tier 1 Capital 27,694 25,957 24,086 23,421 20,877
Tier-2 Capital 15,572 13,449 7,204 5,747 6,026
Total Regulatory Capital 43,266 39,406 31,290 29,167 26,904
Common Equity Tier 1 to RWA 8.18% 8.63% 9.42% 10.28% 9.80%
Tier 2 Capital to RWA 4.60% 4.47% 2.82% 2.52% 2.83%
Capital to Risk-weighted Asset Ratio (CRAR) 12.78% 13.10% 12.24% 12.80% 12.63%
Assets Quality
Non-performing loans (NPLs) 19,879 18,588 10,346 12,265 12,740
Provision for loans and advances 13,141 10,125 7,406 6,034 5,954
NPLs to total loans and advances 5.61% 6.09% 3.97% 5.37% 6.16%
Share Information
Number of shares outstanding 1,786 1,701 1,620 1,473 1,339
Number of shareholders 55,817 57,234 39,267 41,573 41,721
Market price per share 11.5 16.9 15.2 9.9 10.9
Operating profit per share 3.7 4.2 1.7 3.5 2.9
Earnings per share (EPS) 1.66 1.11 0.33 1.51 1.07
Dividend 5.00% 5.00% 5.00% 10.00% 10.00%
Cash 2.50% 0.00% 0.00% 0.00% 0.00%
Stock 2.50% 5.00% 5.00% 10.00% 10.00%
Dividend coverage ratio (times) 3.33 2.32 0.66 1.66 1.17
Market capitalization 20,538 28,745 24,622 14,579 14,592
Net asset value (NAV) per share 16.85 15.19 14.81 15.18 15.02
Price earning ratio (times) 6.9 15.3 46.0 6.6 10.2
Profitability Ratio (%)
Return on average assets (RoA) 0.68% 0.52% 0.17% 0.81% 0.59%
Return on average equity (RoE) 10.38% 7.55% 2.26% 10.46% 7.40%
Net interest margin on average earning assets 2.02% 1.96% 0.97% 2.46% 1.98%
Return on Advances 8.45% 8.37% 8.18% 11.69% 10.57%
Cost of Deposit 5.29% 4.65% 5.39% 7.92% 6.22%
Cost to income ratio 55.83% 48.20% 65.56% 53.95% 56.73%
Operating profit per employee (million) 1.3 1.8 1.0 2.0 1.5
Liquidity Ratio (%)
Cash reserve ratio (CRR) 4.79% 5.04% 4.47% 5.84% 5.83%
Statutory liquidity ratio (SLR) 15.86% 18.04% 18.49% 19.09% 15.00%
Other information (Figure in Number)
Number of employees 4,977 4,023 3,011 2,559 2,556
Number of branches 169 160 154 148 147
Number of uposhakha 1,043 730 285 35 -
Number of correspondent banks 379 392 416 422 440
Number of ATMs 59 59 51 93 93
Number of deposit account 1,361,892 1,003,859 828,588 845,830 776,867
Number of loan account 63,523 50,171 56,464 39,764 41,301

Five Years Graphical Presentation
Deposits Loans & Advance
BDT in million BDT in million
2022 375,584 2022 354,454
2021 333,142 2021 305,061
2020 296,369 2020 260,650
2019 258,368 2019 228,589
2018 226,364 2018 206,930
Total Assets Shareholders' Equity

BDT in million BDT in million
2022 465,273 2022 30,091
2021 405,878 2021 27,121
2020 356,794 2020 25,198
2019 316,950 2019 24,597
2018 283,073 2018 22,116
Interest Income Interest Expense
26,012 18,028 18,295 18,198

24,426
22,347 15,433
BDT in million
BDT in million
21,159 14,405
18,965
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
3.0454 in
Net Interest Income Administrave Expenses
7,814
8,345
BDT in million
BDT in million
6,914
6,398 6,669
4,560 5,999 5,523
5,106
2,864
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Operang Profit Profit before Tax
7,168 4,465 4,399

6,602 4,177
BDT in million
BDT in million
5,120 2,859
3,895
2,902 1,664
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Provision for Taxaon Profit aer Tax
2,490
BDT in million
BDT in million
2,970
1,734 2,444
1,975
1,429 562
1,289 1,570
1,102
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Regulatory Capital Capital Adequacy Rao

BDT in million
2022 43,266
2021 39,406 13.10%

12.80% 12.78%
2020 31,290 12.63%
2019 29,167 12.24%

2018 26,904
2018 2019 2020 2021 2022
Earnings Per Share Net Asset Value Per Share
1.66
1.51 16.85
1.07 1.11
0.33
15.02 15.18 15.19
14.81
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Price Earning Rao Dividend
45.98
10.00%
10.00%
6.91 5.00% 5.00% 5.00%

15.28
10.22 6.56
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Return on Equity Return on Assets
10.38%
10.46%
7.40% 7.55% 0.81% 0.68%
0.59%
0.52%
2.26% 0.17%
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Cost of Deposit Return on Advances
7.92% 11.69%
10.57%
6.22% 8.45%
5.39% 5.29% 8.18% 8.37%
4.65%
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
NPL Rao Cost to Income Rao
6.16% 6.09% 65.56%

5.61%
5.37% 56.73% 53.95% 55.83%
48.20%
3.97%
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Market Price Information
Monthly High, Low & Close price and volume of Company’s shares traded on Dhaka Stock Exchange Ltd. (DSE) and Chittagong
Stock Exchange PLC (CSE) during the year 2022:
DSE CSE
Total Volume
Month Closing Closing
High Low Volume High Low Volume on DSE & CSE
Price Price
January’22 18.90 16.70 16.80 147,208,201 18.80 16.60 16.70 8,026,303 155,234,504
February’22 18.30 15.30 15.80 106,059,337 18.20 15.20 15.80 11,297,618 117,356,955
March’22 16.20 13.40 13.70 80,351,938 16.20 13.40 13.70 7,070,122 87,422,060
April’22 13.90 12.00 13.20 47,188,131 13.90 12.00 13.10 5,023,486 52,211,617
May’22 13.30 10.70 12.70 60,545,252 13.30 10.80 12.70 4,341,089 64,886,341
June’22 12.90 11.90 12.40 56,871,531 13.00 11.90 12.30 4,834,946 61,706,477
July’22 12.70 11.30 11.70 40,699,813 12.60 11.30 11.70 2,951,354 43,651,167
August’22 13.70 11.60 13.30 108,877,767 13.70 11.60 13.30 6,649,614 115,527,381
September’22 14.20 12.50 12.70 163,575,692 14.20 12.50 12.60 7,835,134 171,410,826
October’22 12.80 11.50 11.50 44,085,982 13.60 11.60 11.60 2,233,690 46,319,672
November’22 12.10 11.50 11.50 52,166,308 12.40 11.60 11.60 1,951,764 54,118,072
December’22 11.50 11.50 11.50 2,527,750 11.60 11.60 11.60 37,757 2,565,507
20.00 20.00
18.00 18.00
16.00 16.00
14.00 14.00
12.00 12.00
10.00 10.00 CSE High
DSE High
8.00 8.00
DSE Low 6.00 CSE Low
6.00
4.00 DSE Closing Price 4.00 CSE Closing Price
2.00 2.00
0.00 0.00
January’22
February’22
March’22
April’22
May’22
August’22
January’22
February’22
March’22
April’22
May’22
June’22
July’22
August’22
September’22
October’22
November’22
December’22
June’22
July’22
September’22
October’22
November’22
December’22
DSE Volume CSE Volume

January’22 January’22
February’22 February’22
March’22 March’22
April’22 April’22
May’22 May’22
June’22 June’22
July’22 July’22
August’22 August’22
September’22 September’22
October’22 October’22
November’22 November’22
December’22 December’22

Financial Calendar
Although the Bank makes an all-out effort to observe the following events on the dates as mentioned hereunder, yet all the future
dates are provisional and subject to change.
17 April 2023 Compliance under Listing Regulation 19(1)
27 April 2023 Adoption of the audited Financial Statements for the year ended 31 December 2022
27 April 2023 Disclosure on Price Sensitive Information
25 May 2023 Record Date for 46th Annual General Meeting
30 May 2023 Notice of the 46th Annual General Meeting
22 June 2023 46th Annual General Meeting
3rd week of July 2023 2.5% Cash and 2.5% Stock Dividend distribution for the year 2022
14 May 2023 Announcement of first quarter (Q1) financial results
Last week of July 2023 Announcement of second quarter (Q2) financial results
Last week of October 2023 Announcement of third quarter (Q3) financial results
Other Information
Stock Details
Particulars DSE CSE
Stock Symbol IFIC IFIC
Company Code 11103 22010
Listing Year 1986 1997
Market Category B B
Electronic Share Yes Yes
Face Value (BDT) 10.00 10.00
Market Lot (number) 1 1
Total Number of Securities 1,785,910,939 1,785,910,939
Dividend Declaration and Distribution Policy

Principles on Disclosure of Material Information and Price Sensitive Information
The Company ensures that an appropriate balance is maintained between adequately rewarding the shareholders and ensuring that
adequate financial resources are available to fuel the growth aspirations of the Company. Company’s Dividend Distribution Policy
specifies the financial parameters that will be considered when declaring dividends by strictly following the directives/guidelines of
the regulatory authorities (BB, BSEC & others), internal and external factors for declaring dividends and the circumstances under
which shareholders can or cannot expect any dividend. The Principles on Disclosure of Material Information and Price Sensitive
Information as applicable, as per the Prohibition of Insider Trading Regulations, 2022 of the Bangladesh Securities and Exchange
Commission has also been prepared. The Principles of PSI and Material Information & Dividend Declaration and Distribution Policy
are available on the website of the Company.
Redressal of Investors’ Complaints

The investors are warmly treated at IFIC. Complaints received from the investors are handled promptly with utmost care to
mitigate/resolve the issues at the earliest.
Availability of Annual Report 2022 and other Information

Annual Report 2022 and other information about IFIC Bank may be viewed on the Bank’s website at www.ificbank.com.bd.
Copies of Annual Report 2022 also submitted to the Bangladesh Securities and Exchange Commission, Bangladesh Bank, Dhaka
Stock Exchange Limited, Chittagong Stock Exchange PLC and the Registrar of Joint Stock Companies & Firms, Dhaka.
Investors’ Inquiries
All correspondences with regard to company matters, matters relating to shares and other related issues to be made to the following
address:
The Company Secretary
IFIC Bank PLC
Head Office
IFIC Tower, 61 Purana Paltan, Dhaka 1000
IP Phone No. 09666716250, Ext. 122
Fax No. 02-44850205
E-mail: [email protected]

Glimpses of the 45th AGM
45th ANNUAL GENERAL MEETING
IFIC Bank holds its 45th Annual General Meeng

Market Discipline - Disclosures on Risk Based Capital
(Under Pillar 3 of Basel III Framework)
For the year ended 31 December 2022
Consolidated Basis
Background IES, London, UK. The principal activities of the company is

remitting/transfer money and related services on behalf of
In order to make the bank’s capital adequacy assessment more its customers.
risk sensitive and to abide by the international norms and
practices, Bangladesh Bank took the initiative to implement 3. IFIC Investment Limited [IFICIL]: IFIC Investment
Basel–III framework. Banks in Bangladesh implemented Basel– Limited, a fully owned subsidiary company of IFIC Bank
III Framework fully since 01 January, 2019. These disclosures PLC was incorporated as a public limited company.
under Pillar 3 of Basel III are made following ‘Guidelines on IFICIL obtained full-fledge Merchant Banker Registration
Risk Based Capital Adequacy (RBCA) - Revised Regulatory Certificate from Bangladesh Securities & Exchange
Capital Framework for banks in line with Basel III’ for banks. Commission (BSEC) on 19 October 2021. The main
These quantitative and qualitative disclosures are intended to objectives of this subsidiary are Issue Management,
complement the Minimum Capital Requirement (MCR) under Underwriting & Portfolio Management activities. The
Pillar 1 and Supervisory Review Process (SRP) under Pillar 2 registered office of IFICSL located at IFIC Tower, 61,
of Basel III. The purpose of these disclosures is to present Purana Paltan, Dhaka – 1000.
relevant information on the adequacy of capital in relation Brief Description of the Joint Ventures/ Associates of the
to overall risk exposures of the Bank so that the market Bank:
participants can assess the position and direction of the Bank
in making economic decisions. 1. Oman Exchange LLC, Oman: Oman Exchange LLC, an
exchange company incorporated under the laws of the
Sultanate of Oman in 1985 as a joint venture between
A) Scope of application IFIC Bank and Omani Nationals. The principal activities
Qualitative Disclosures of the company is, to remit/transfer money/fund to
the different parts of the world including Bangladesh
(a) The name of the top corporate entity in the group to which
and related services. IFIC holds 49% shares of Oman
this guidelines applies.
Exchange LLC and the rest 51% shares is held by the
The Risk Based Capital Adequacy and related disclosures are Omani sponsors. The registered office is located Building
applicable for “IFIC Bank PLC” which is the top corporate entity no. 4699, Way no. 4567, Hamriya, PO Box 114, Post
of the group. code 994, Hey Al Mina, Hamriya, Muscat, Sultanate of
Oman.
(b) An outline of differences in the basis of consolidation for
accounting and regulatory purposes, with a brief description of 2. MCB Bank Ltd, Pakistan: MCB Bank Limited is one of
the entities within the group (a) that are fully consolidated; (b) the largest Banks in Pakistan listed in Pakistan Stock
that are given a deduction treatment; and (c) that are neither Exchange. IFIC Bank had two branches in Pakistan, one
consolidated nor deducted (e.g. where the investment is risk- at Karachi (in 1987) and the other at Lahore (in 1993).
weighted). IFIC Pakistan operation was merged with NDLC on 02
October 2003 and renamed it NDLC-IFIC Bank PLC. It
Brief Description of the Subsidiaries:
was subsequently renamed as NIB Bank Limited with
1. IFIC Securities Limited [IFICSL]: IFIC Securities Limited, effect from 28 November 2005. In 2017 NIB Bank
a fully owned subsidiary company of IFIC Bank PLC Limited merged with MCB Bank Limited and IFIC’s
was incorporated as a public limited company. The main holding diluted significantly due to this merger. Now IFIC
objectives of this company are buying, selling and settling holds very minimal share in MCB Bank Limited.
of securities on behalf of investors and its own portfolio
3. Nabil Bank Limited, Nepal: Nepal Bangladesh Bank
as well as other related services. The registered office of
Limited (NBBL), a joint venture commercial bank between
IFICSL located at IFIC Tower, 61, Purana Paltan, Dhaka –
IFIC Bank PLC and the Nepali Nationals, started its
1000.
operation with effect from 06 June 1994 in Nepal with
2. IFIC Money Transfer (UK) Limited: IFIC Money 50% equity from IFIC Bank PLC and lastly it was 40.91%.
Transfer (UK) Limited is a fully owned subsidiary of As a part of strategic decision of the Bank, the Board
IFIC Bank incorporated as a private limited company of Director of the Bank has decided to withdrawal the
with Companies House of England and Wales under investment from Nepal by selling of entire shares of
registration no. 07379137 on 16 September 2010 and NBBL held by IFIC Bank PLC as Promoter and to return
got registration from HM Customs and Excise on 17 the fund to Bangladesh. As part of this process, NBBL
January 2011 under Money Laundering Regulation. has been merged with Nabil Bank Limited (NBL) of Nepal
The company got registration from Financial Conduct on 11 July 2022 with a Share Swap Ratio of (1:0.43)
Authority (FCA) [previously it was Financial Services i.e. 0.43 shares of NBL for every share of NBBL. Upon
Authority (FSA)] on 16 June 2011 under Payment this convergence process, IFIC holds 7.77% shares of
Services Regulations 2009. The company commenced its NBL As per Share Purchase Agreement (SPA) made by
operation on 31 August 2011. The registered office of and between IFIC Bank PLC and Ms. Sarika Chaudhary,
the company is located at Ferrari House, 2nd Floor, 102 a Promoter Shareholder of Nabil Bank Limited and as
College Road, Harrow, Middlesex, United Kingdom HAI per Final Agreement for acquisition approved by Nepal

Rastra Bank and Office of Company Registrar of Nepal, till solo level as well as at the consolidated level. As per the
materialization of SPA, one Director has been nominated Bangladesh Bank instructions contained in BRPD letter No.
to Nabil Bank for representing IFIC Bank PLC. BRPD(BFIS)661/14B(P)/2015-18014 dated 24 December
2015, Deferred Tax Assets arising out of Specific Provision on
Brief Description of Off-shore Banking Unit (OBU): Off-
Classified Loans is allowable to a maximum of 5% as Common
shore Banking Unit (OBU) is a separate business unit of IFIC
Equity Tier 1 Capital (CET1) while calculating CET1 as per
Bank PLC. The Bank obtained permission for OBU operations
Basel III.
from Bangladesh Bank vide its letter no. BRPD (P-3) 744
(104)/2009-4233 dated 17 November 2009 and commenced Quantitative Disclosures
its operation from 10 May 2010. The operation of OBU is
(b) The amount of Regulatory capital, with separate disclosure
governed under prudential regulations of Bangladesh Bank
of:
and solo basis Financial Statements of the Bank have been
prepared treating OBU as a business line in equivalent CET1 Capital
Bangladeshi Taka as per BRPD circular no 2 dated 25 February BDT in Million
2019, a separate Financial Statements has been prepared for Particulars Solo Consolidated
OBU.
Fully Paid-up Capital 17,859.11 17,859.11
Basis for Consolidation:
The quantitative disclosures are made on the basis of Statutory Reserve 8,637.62 8,672.12
consolidated audited financial statements of the bank and its General Reserve 155.07 155.07
subsidiaries as at and for the year ended December 31, 2022.
Retained Earnings 3,232.60 6,708.86
The consolidated financial statements have been prepared
in accordance with Bangladesh Accounting Standards 27: CET1 Capital Total [A] 29,884.40 33,395.17
Separate Financial Statements and Bangladesh Financial Additional Tier 1 Capital [B] Nil Nil
Reporting Standards 10: Consolidated Financial Statements.
Total Tier 1 Capital [C]=[A]+[B] 29,884.40 33,395.17
The consolidated financial statements are prepared to a
common financial year ended 31 December 2022. All intra- General Provision 5,571.87 5,803.17
group transactions, balances and any unrealized income and Subordinated Debt 10,000.00 10,000.00
expenses arising from intra-group transactions are eliminated in
preparing consolidated financial statements. Unrealized losses Tier 2 Capital Total [D] 15,571.87 15,803.17
are eliminated in the same way as unrealized gain, but only to
the extent that there are no evidence of impairment. (c) Regulatory Adjustments/Deductions from capital
(c) Any restrictions, or other major impediments, on transfer of BDT in Million

funds or regulatory capital within the group. Particulars Solo Consolidated
Not Applicable Deferred tax assets (DTA)[1] 2,189.97 2,189.97
Quantitative Disclosures Total [E] 2,189.97 2,189.97
(d) The aggregate amount of surplus capital of issuance (d) Total eligible capital
subsidiaries (whether deducted or subjected to an alternative 43,266.30 47,008.36
[F]=[C]+[D]-[E]
method) included in the capital of the consolidated group.
Not Applicable C) Capital Adequacy
Qualitative Disclosures
B) Capital Structure (a) A summary discussion of the bank’s approach to assessing
Qualitative Disclosures the adequacy of its capital to support current and future
activities.
(a) Summary information on the terms and conditions of the
main features of all capital instruments, especially in the case According to BB Guidelines, IFIC Bank is assessing Risk Based
of capital instruments eligible for inclusion in CET 1, Additional Capital Adequacy under Basel-III from 01 January 2015. Under
Tier 1 or Tier 2. Basel-III framework the capital requirement is determined for
Credit Risk and Market Risk under Standardized Approach and
Under Basel-III capital adequacy framework, total regulatory
Operational Risk under Basic Indicator Approach and summed-
capital of a bank are categorized into two tiers: (1) Tier 1
up to determine total Risk Weighted Assets and thereafter the
Capital (going-concern capital), and (2) Tier 2 Capital (gone-
Minimum Capital Requirement (MCR). The Bank assesses the
concern capital). The Tier 1 Capital is further subdivided into
capital requirement considering the existing size of portfolio,
(a) Common Equity Tier 1 (CET1) and (b) Additional Tier 1. Total
concentration of portfolio to different risk weight groups,
eligible regulatory capital of IFIC Bank PLC consists of partly
asset quality, profit trend etc. on quarterly rest. The Bank also
CET1 Capital and partly Tier 2 Capital. The CET1 Capital of the
forecasts the adequacy of capital in terms of its capacity of
bank comprises Paid-up Capital, Statutory Reserve, General
internal capital generation, maintaining the size of the portfolio,
Reserve and Retained Earnings. Paid-up Capital of the Bank
asset quality, conducting credit rating of the borrowers,
is already above the minimum requirement of BDT 4,000.00
segregation of portfolio to different risk weight groups etc.
Million as per the directives of Bangladesh Bank. In addition,
Tier 2 Capital includes General Provision, Sub-ordinated Bond. IFIC Bank has maintained Capital to Risk-weighted Asset
Ratio (CRAR) of 13.62% as on 31 December 2022, whereas
Banks are required to maintain a capital conservation buffer of
Minimum Capital Requirement (MCR) is 12.50% from 01
2.50% during the year 2022, above the regulatory minimum
January 2019 as per BRPD circular No.18 dated 21 December
capital requirement of 10%. Banks may distribute dividends
2014. The Bank has thus maintained excess capital of 1.12%
as per the DOS Circular no. 1 and 7 published in the year
above the minimum requirement of 12.50%. However,
2021. Capital conservation buffer is applicable both at the

the Bank is continuously evaluating its capital position in has allowed forbearance to IFIC Bank regarding general provision
comparison to its risk weighted asset’s position and exploring requirement against Loans and Advances totaling BDT 4,196.63
ways and means to raise capital both internally and externally. million as on 31 December 2022. The required provision amount BDT
4,196.63 million has to be maintained before the finalization of financial
Quantitative Disclosures statement of the year 2023.
BDT in Million
Particulars Solo Consolidated D) Credit Risk
Capital requirement for Qualitative Disclosures
(b)
Credit Risk (a) The general qualitative disclosure requirement with respect
On-Balance Sheet 34,469.42 35,251.27 to credit risk, including:
Off-Balance Sheet 4,621.51 4,621.51 Definitions of past due and impaired (for accounting purposes).
Total 39,090.93 39,872.77 As per relevant Bangladesh Bank guidelines, the Bank
defines the past due and impaired loans and advances for
Capital requirement for strengthening the credit discipline and mitigating the credit
(c)
Market Risk risk of the Bank. The impaired loans and advances are defined
Interest Rate Related on the basis of (i) Objective/ Quantitative Criteria and (ii)
Nil Nil
Instruments Qualitative judgment. For this purpose, all loans and advances
are grouped into four (4) categories, namely- (a) Continuous
Equities 1,201.43 1,201.43
Loan (b) Demand Loan (c) Fixed Term Loan and (d) Short-term
Foreign Exchange Position 220.11 220.11 Agricultural & Micro Credit.
Commodities Nil Nil Definition of past due/overdue:
Total 1,421.54 1,421.54 i. Any Continuous Loan if not repaid/renewed within the
fixed expiry date for repayment or after the demand by
Capital requirement for the bank will be treated as past due/ overdue from the
(d) 1,808.09 1,850.87
Operational Risk following day of the expiry date;
(e) Total capital, CET1 capital, Total Tier 1 capital and Tier 2 ii. Any Demand Loan if not repaid within the fixed expiry
capital ratio: date for repayment or after the demand by the bank will
be treated as past due/overdue from the following day of
z For the consolidated group
the expiry date;
z For stand alone
iii. In case of any installment(s) or part of installment(s) of a
Ratios Solo Consolidated Fixed Term Loan is not repaid within the fixed expiry date,
the amount of unpaid installment(s) will be treated as past
Total Capital 12.78% 13.62%
due/ overdue after six months of the expiry date.
CET1 Capital 8.18% 9.04%
iv. The Short-term Agricultural and Micro-Credit if not
Total Tier 1 Capital 8.18% 9.04% repaid within the fixed expiry date for repayment will
Total Tier 2 Capital 4.60% 4.58% be considered past due/overdue after six months of the
expiry date.
(f) Capital Conservation Buffer However, a continuous loan, demand loan or a term
As per Bangladesh Bank Transitional Arrangements for loan which will remain overdue for a period of 02 (two)
implementation of Basel III, creation of Capital Conservation months or more but less than 03 (three) month, will be
Buffer (CCB) has been made effective from 1 January 2016, put into the “Special Mention Account (SMA)”, the prior
2017, 2018 and 2019 at 0.625%, 1.25%, 1.875% and 2.50% status of becoming the loan into impaired/classified/
respectively above the regulatory minimum capital requirement nonperforming.
of 10%. The minimum total capital plus CCB for the year 2021 Definition of impaired / classified /non-performing loans and
is 12.50%. IFIC Bank maintained CCB 2.18% for the year 2022. advances are as follows:
(g) Available Capital under Pillar 2 Requirement Continuous loan is classified as follows:
BDT in Million Substandard: If it is past due /overdue for 3 (three) months or
Particulars Solo Consolidated beyond but less than 9 (nine) months;
Total Eligible Regulatory Capital Doubtful - If it is past due / overdue for 9 (nine) months or
43,266.30 47,008.36
[A] beyond but less than 12 (twelve) months;
Minimum Capital Requirement Bad/Loss - If is past due / overdue for 12 (twelve) months or
33,856.44 34,516.15
under Pillar 1[B] beyond.
Capital Conservation Buffer[C][1] 8,464.11 8,629.04 Demand loan is classified as follows:
Minimum Capital Requirement Substandard - If it remains past due / overdue for 3 (three)
42,320.55 43,145.18
including CCB[D=B+C] months or beyond but less than 9 (nine) months from the date
Available Capital for Pillar 2 of expiry or claim by the Bank or from the date of creation of
945.75 3,863.18 forced loan;
[E=A - D]
Note: Bangladesh Bank, vide letter no. Doubtful - If it remains past due / overdue for 9 (nine) months
DOS(CAMS)1157/41(Dividend)/2023-2116 dated 25 April 2023 or beyond but less than 12 (twelve) months from the date of

expiry or claim by the Bank or from the date of creation of credit operation at every stage, i.e. screening, assessing risk,
forced loan; identification, management and mitigation of credit risk as well
as monitoring, supervision and recovery of loans with provision
Bad/Loss - If it remains past due / overdue for 12 (twelve)
of early warning system. There is a separate credit risk
months or beyond from the date of expiry or claim by the Bank
management division for dedicated credit risk management,
or from the date of creation of forced loan.
separate credit administration division for ensuring perfection
Fixed Term Loans are classified are as follows: of securities and credit monitoring, recovery division
In case of any installment(s) or part of installment(s) of a Fixed for monitoring and recovery of irregular loans and loan
Term Loan is not repaid within the fixed expiry date, the performance management division for detaining deteriorating
amount of unpaid installment(s) will be treated as past due/ loans from being newly classified and for maintaining asset
overdue after six months of the expiry date. In case of Fixed quality appropriately. Internal control & compliance division
Term Loans: - independently assess the quality of loans and compliance
status of loans at least once in a year.
Substandard - If it remains past due / overdue for 3 (three)
months or beyond but less than 9 (nine) months from the date Quantitative Disclosures
of expiry or claim by the Bank or from the date of creation of
(b) Total gross credit risk exposures Please refer to
forced loan.
broken down by major types of credit Annexure – II.
Doubtful - If the amount of past due installment is equal to or exposure.
more than the amount of installment(s) due within 09 (nine) (c) Geographical distribution of Please refer to
months or beyond but not over 12 (twelve) months from the exposures, broken down in Annexure – III.
date of expiry or claim by the Bank or from the date of creation significant areas by major types of
of forced loan; credit exposure.
Bad/Loss - If the amount of ‘past due installment is equal to or (d) Industry or counterparty type Please refer to
more than the amount of installment(s) due within 12 month distribution of exposures, broken Annexure – IV.
and beyond months, the entire loan will be classified as ‘’Bad/ down by major types of credit
Loss’’. exposure.
Short-term Agricultural and Micro-Credit is classified as follows: (e) Residual contractual maturity Please refer to
breakdown of the whole portfolio, Annexure – V.
The Short-term Agricultural and Micro-Credit will be broken down by major types of credit
considered irregular if not repaid within the due date as exposure.
stipulated in the loan agreement. If the said irregular status
(f) By major industry or counterparty Please refer to
continues, the credit will be classified as ‘Substandard ‘ after type: Annexure – VI.
a period of 12 months, as ‘Doubtful’ after a period of 36
months and as ‘Bad/Loss’ after a period of 60 months from the z Amount of impaired loans and
if available, past due loans,
stipulated due date as per the loan agreement.
provided separately
Loan classification of Cottage, Micro and Small Credits under
CMSME: Particulars BDT in Million
Sub-standard : If a Continuous Loan, Demand Loan, Fixed Term • Specific and general provisions
Loan or any installment(s)/part of installment(s) of a Fixed Term
Loan remain(s) past due/overdue for a period of 06 (six) months Specific provision 8,179.00
or beyond but less than 18 (eighteen) months, the entire loan General provision 5,571.87
will be classified as “Sub-standard (SS)”.
• Charges for specific allowances and charge-offs during the
Doubtful : If a Continuous Loan, Demand Loan, Fixed Term period
Loan or any installment(s)/part of installment(s) of a Fixed Term
Specific provision 5,181.47
Loan remain(s) past due/overdue for a period of 18 (eighteen)
months or beyond but less than 30 (thirty) months, the entire General provision (2,177.25)
loan will be classified as “Doubtful (DF)”.
(g) Non-Performing Assets ( NPAs): BDT in Million
Bad/Loss : If a Continuous loan, Demand loan, Fixed Term Loan
or any installment(s)/part of installment(s) of a Fixed Term Loan Gross non-performing assets (NPAs) 19,879.39
remain(s) past due/overdue for a period of 30 (thirty) months or Non-Performing Assets (NPAs) to 5.61%
beyond, the entire loan will be classified as “Bad/Loss (B/L)”. Outstanding Loans & advances
Description of approaches followed for specific and general Movement of Non-Performing Assets (NPAs)
allowances and statistical methods
Opening balance 18,588.20
The Bank is following the general and specific provision for
Additions 18,343.86
loans and advances/investments on the basis of Bangladesh
Bank guidelines issued from time to time (please refer to Reductions (17,052.68)
Annexure - I).
Closing balance 19,879.39
Discussion of the bank’s credit risk management policy
The Board approves the credit policy, credit exposure limits Movement of specific provisions for NPAs
and credit risk management policy keeping in view relevant Opening balance 2,997.53
Bangladesh Bank guidelines to ensure best practice in credit
risk management and maintain quality of assets. Authorities Provisions made during the period 4,328.58
are properly delegated ensuring checks and balance in

investee as per instruction of Bangladesh Bank. Preference is
(g) Non-Performing Assets ( NPAs): BDT in Million
given to purchase of shares of strong companies at face value
Recoveries of amounts previously written off 852.89 through placement/ IPO.
Write-off Nil Quantitative Disclosures
Write-back of excess provisions Nil (b) Value disclosed in the balance sheet of investments, as well
as the fair value of those investments; for quoted securities, a
Provision transferred to general reserve Nil comparison to publicly quoted share values including mutual
Closing balance 8,179.00 funds where the share price is materially different from fair
value.
E) Equities: Disclosures for Banking Book Particulars BDT in Million

Positions Cost price of quoted shares 5,384.45
Qualitative Disclosures Fair value of quoted shares 5,930.93
(a) The general qualitative disclosure requirement with respect Increase in value 546.48
to equity risk, including:
(c) The cumulative realized gains (losses)
Differentiation between holdings on which capital gains are arising from sales and liquidations in the 6.36
expected and those taken under other objectives including for reporting period.
relationship and strategic reasons; and (d)
Differentiation between holdings of equities for capital • Total unrealized gains (losses) 379.17
gain and those taken under other objectives is being clearly
• Total latent revaluation gains (losses) Nil
identified. Investment in equity securities is broadly categorized
into two parts: • Any amounts of the above included in
Nil
Tier 2 capital.
i. Quoted Securities (Common or Preference Shares &
Mutual Fund) that are traded in the secondary market (e) Capital requirements broken down by appropriate equity
(Trading Book Assets) through the organization itself or groupings, consistent with the bank’s methodology, as well as
other Portfolio Manager. Investment in quoted shares/ the aggregate amounts and the type of equity investments
securities are revalued at the end of the reporting period. subject to any supervisory provisions regarding regulatory
ii. Unquoted securities are categorized as banking book capital requirements.
equity exposures which are further sub-divided into two
groups: unquoted securities which are invested without Capital Charge on Equities BDT in Million
any expectation that these will be quoted in near future, Specific Risk 480.57
i.e. held to maturity (HTM), and securities those are
General Market Risk 480.57
acquired under private placement or IPO and are going
to be traded in the secondary market after completing Total 961.14
required formalities. Unquoted securities are valued at
cost. F) Interest Rate Risk in the Banking Book (IRRBB)
The equity positions are reviewed periodically by the senior Qualitative Disclosures
management.
(a) The general qualitative disclosure requirement including the
Discussion of important policies covering the valuation nature of IRRBB and key assumptions, including assumptions
and accounting of equity holdings in the banking book. regarding loan prepayments and behavior of non-maturity
This includes the accounting techniques and valuation deposits, and frequency of IRRBB measurement.
methodologies used, including key assumptions and practices
affecting valuation as well as significant changes in these Interest Rate Risk is managed through the use of Gap analysis
practices. of rate sensitive assets and liabilities and monitored through
prudential limits and stress testing. The IRRBB is monitored
Important policies covering equities valuation and accounting in movements/changes on a monthly basis and the impact on
of equity holdings in the Banking Book are based on the use Net Interest Income is assessed. Interest rate risk is the risk
of the cost price method for valuation of equities. The primary where changes in market interest rates might adversely affect
aim is to invest in these equity securities for the purpose of a bank’s financial condition. Changes in interest rates affect
capital gain by selling them in the future or held for dividend both the current earnings (earnings perspective) as well as the
income. Dividends are recognized in Profit and Loss Account net worth of the bank (economic value perspective). Re-pricing
only when the Bank’s right to receive payment of the dividend risk is often the most apparent source of interest rate risk for a
is established, it is probable that the economic benefits bank and is often gauged by comparing the volume of a bank’s
associated with the dividend will flow to the Bank and the asset that mature or re-price within a given time period with
amount of the dividend can be measured reliably. Both Quoted the volume of liabilities that do so. The short term impact of
and Un-Quoted equity securities are initially recognized at cost changes in interest rates is on the bank’s Net Interest Income
and necessary provisions are maintained if the prices fall below (NII). In a longer term, changes in interest rates impact the
the cost price after comparing with their fair value. As per to cash flows of the assets, liabilities and off-balance sheet items,
Bangladesh Bank guidelines, the HFT equity securities are giving rise to a risk to the net worth of the bank arising out
revalued once in each week using marking to market concept. of all re-pricing mismatches and other interest rate sensitive
However equity investment in associates/joint ventures are position. The ALCO formulates the policy and strategy
initially recognized at cost and provision is maintained if cost is depending on the market conditions to maximize Net Interest
higher than lower of market value and net assets value of that Income.

Quantitative Disclosures Market Risk Management System
The Asset Liability Management Policy of the Bank as approved
(b) The increase (decline) in earnings or economic value (or
by the Board ensures effective management of the Market Risk
relevant measure used by management) for upward and
through a well-structured Treasury function which includes a
downward rate shocks according to management’s method for
Front Office, Mid Office and Back Office and an ALCO body.
measuring IRRBB, broken down by currency (as relevant).
The aim of the Market Risk Management System is to minimize
Please refer to Annexure – VII. the impact of losses on earnings due to market fluctuations.
Policies and processes for mitigating market risk
G) Market Risk The policy contains sound Portfolio management procedures
Qualitative Disclosures and best practices such as minimizing risks through
diversification of portfolio. Policy for managing Market Risk has
(a) Views of BOD on trading/investment activities been set out by the Board of Directors of the Bank where clear
The trading/investment activities in the IFIC Bank PLC are instructions have been given to Loan Deposit Ratio, Whole
managed cautiously so that maximum returns are obtained Sale Borrowing Guidelines, Medium Term Funding, Maximum
without taking undue risks. The Board approves all policies Cumulative Outflow, Liquidity Contingency Plan, Local
related to market risk, set limits and review compliance on a Regulatory Compliance, Recommendation/ Action Plan etc.
regular basis. The objective is to provide cost effective funding Furthermore, special emphasis has been put on the following
to finance asset growth and trade related transactions. Market issues for mitigating market risk:
risk is the possibility of losses of assets in the balance sheet
z Interest Rate Risk Management: Treasury Division
and off-balance sheet positions arising out of volatility in
reviews the risks of changes in income of the Bank as
market variables i.e., interest rate, exchange rate and price.
a result of movements in market interest rates. In the
Allocation of capital is required in respect of the exposure to
normal course of business, the Bank tries to minimize
risks deriving from changes in interest rates and equity prices in
the mismatches between the duration of interest rate
the bank’s trading book, in respect of exposure to risks deriving
sensitive assets and liabilities. Effective Interest Rate Risk
from changes in foreign exchange rates and commodity price in
Management is done as under:
the overall banking activity.
i. Market Analysis: Market analysis over interest rate
The market risk covers the followings risks of the Bank’s
movements are reviewed by the Treasury Division of
balance sheet:
the Bank. The type and level of mismatch interest rate
i. Interest rate risk risk of the Bank are managed and monitored from two
ii. Equity price risk perspectives, being an economic value perspective and an
iii. Foreign exchange risk; and earnings perspective.
iv. Commodity price risk ii. Gap Analysis: ALCO has established guidelines in line with
Methods used to measure Market risk the central Bank’s policy for the management of assets
The Bank uses the Standardized (rule based) Approach to and liabilities, monitoring and minimizing interest rate
calculate the Market Risk for Trading Book Exposures. The total risks at an acceptable level. ALCO in its regular monthly
capital requirement in respect of market risk is the aggregate meeting analyzes Interest Rate Sensitivity by computing
capital requirement calculated for each of the risky sub- GAP i.e. the difference between Rate Sensitive Assets and
categories. For each risk category minimum capital requirement Rate Sensitive Liability and take the decision of enhancing
is measured in terms of two separately calculated capital or reducing the GAP according to the prevailing market
charges for ‘specific risk’ and ‘general market risk’. situation aiming to mitigate interest rate risk.
z Foreign Exchange Risk Management: Risk arising from
Maturity Method has been prescribed by Bangladesh Bank in
potential change in earnings resulted from exchange rate
determining capital against market risk. In the maturity method,
fluctuations, adverse exchange positioning or change in
long or short positions in debt securities and other sources of
the market prices are considered as Foreign Exchange
interest rate exposures, including derivative instruments, are
Risk. Treasury and International Division manage this risk
slotted into a maturity ladder comprising 13 times-bands (or 15
in the following fashion:
times-bands in the case of low coupon instruments). Fixed-rate
instruments are allocated according to the residual term to i. Continuous Supervision: The Bank’s Treasury Division
maturity and floating-rate instruments according to the residual manages and controls day-to-day trading activities
term to the next re-pricing date. under the supervision of ALCO that ensures continuous
monitoring of the level of assumed risks. Treasury Division
In Standardized (rule based) Approach the capital requirement
monitors the foreign exchange price changes and Back
for various market risks (interest rate risk, price, and foreign
Office of the Treasury Division verifies the deals and
exchange risk) are determined separately.
passes the entries in the books of account.
The total capital requirement in respect of market risk is the
ii. Treasury Back Office separated from the Treasury
sum of capital requirement calculated for each of these market
Front Office: Treasury Back Office is conducting its
risk sub-categories. e.g.:
operation in separate locations apart from the Treasury
i. Capital Charge for Interest Rate Risk = Capital Charge for Front Office. Treasury Back Office is responsible for
Specific Risk + Capital Charge for General Market Risk; currency transactions, deal verification, limit monitoring,
ii. Capital Charge for Equity Position Risk = Capital Charge settling of transactions and gathering the market rates
for Specific Risk + Capital Charge for General Market Risk; from an independent source other than dealers of the
iii. Capital Charge for Foreign Exchange Risk = Capital same organization, which helps to avoid any conflict of
Charge for General Market Risk; interest. Meanwhile, Treasury Mid Office is responsible
to independently monitor, measure and analyze risks
iv. Capital Charge for Commodity Position Risk = Capital
inherent in treasury operations of the bank.
charge for General Market Risk.

iii. Mark-to-Market Method for Approved Securities and monitoring external operational risk events, which ensure that
Foreign Exchange Revaluation: All foreign exchange the group stays in line which industry best practice and takes
reserves and balances along with approved securities account or lessons learned from publicized operational failures
are revalued at Mark-to-Market method according to within the financial services industry.
Bangladesh Bank’s guidelines. Such valuations are made
The BOD has also modified its operational risk management
after a specific time interval as prescribed by Bangladesh
process by issuing high level standards, supplemented by
bank.
more detailed formal guidance. This explains how the bank
iv. Nostro Accounts: Nostro accounts are maintained by manages operational risk by identifying, assessing, monitoring,
the Bank with various currencies and countries. These controlling and mitigating the risk, rectifying operational risk
Accounts are operated by the International Division of events, and implementing any additional procedures required
the Bank. All Nostro accounts are reconciled on a monthly for compliance with local regulatory requirements. The Bank
basis. The management reviews outstanding entry beyond maintains and tests contingency facilities to support operations
30 days for settlement purpose. in the event of disasters. Additional reviews and tests are
z Equity Risk Management: Equity Risk is the risk of loss conducted in the event that any branch of the bank is affected
due to adverse changes in the market price of equities by a business disruption event, to incorporate lessons learned
held by the Bank. Equity Risk is managed by the following in the operational recovery from those circumstances. Plans
fashion. have been prepared for the continued operation of the bank’s
business, with reduced staffing levels.
i. Investment Portfolio Valuation: Mark-to-Market
valuations of the share investment portfolio are followed Operational risk loss data are collected and reported to the
in measuring and identifying risk. Mark-to-Market senior management. Identifying, monitoring and recording of
valuation is done against a predetermined cut loss limit. fraud, irregularities, unauthorized works, system breakdown,
etc. are done by the Management and details of the untoward
ii. Diversified Investment to minimize Equity Risk: IFIC incidents are reported to the Bank’s Audit Committee.
minimizes the Equity Risks by Portfolio diversification as
per investment policy of the Bank. Performance gap of executives and staffs
Human Resources Development is focused on recruitment
Margin Accounts are monitored very closely: Where Margin and in-house training for both on the job and off the job. IFIC
loan is allowed, security of investment, liquidity of securities, Bank Training Institute, the oldest institution in the private
reliability of earnings and risk factors are considered and sector, was conceived of as an in-house training center to take
handled professionally. care of the training needs of the Bank internally. The Institute
Quantitative Disclosures is fully equipped with a professional library, modern training
aids and professional faculty. The library has a huge number
BDT in Million of books on banking, economics, accounting, management,
(b) The capital requirements marketing and other related subjects. Main training activities
Solo Consolidated
for consist of in-depth foundation programs for MTs and Others.
Specialized training programs in the areas like general banking,
Interest rate risk Nil Nil
advance, foreign exchange, marketing and accounts etc. are
Equity position risk 961.14 961.14 also organized by the Institute depending on need. Frequently
Foreign exchange risk 176.09 176.09 outreach programs are organized to meet demand for new and
specialized skills.
Commodity risk Nil Nil
During its many years of existence, the Institute not only
conducted courses, workshops and seminars as required by
H) Operational Risk the Bank, but it also organized training programs for Nepal
Qualitative Disclosures Bangladesh Bank Limited (NBBL). In addition to conducting
courses internally, the Institute also selects candidates for
(a) Views of BOD on system to reduce Operational Risk
nomination to various courses conducted by distinguished
IFIC Bank manages its operational risk by identifying, training organizations in the country, including Bangladesh
assessing, monitoring, controlling and mitigating the risk, Bank Training Academy and Bangladesh Institute of Bank
rectifying operational risk events and implementing any Management. The Institute also re-designs its courses,
additional procedures required for compliance with regulatory programs, etc., regularly to meet the requirement of new skills
requirements. Operational risk management responsibilities arising out of various directives, guidelines of the Central Bank
are assigned to the senior management. Internal auditors and significant changes in the banking sector from time to
are assigned for recording, identification and assessment time.
of operational risks and to prepare reports for the Audit
Performance goals are most often attained by executives and
Committee.
staffs with a few exceptions. Every organization needs to
Operational risk is defined as the risk of loss resulting from effectively manage its human resources to get the maximum
inadequate or failed internal processes, people and systems contribution from its employees.
or from external events. This definition includes legal risk,
Potential external events
but excludes strategic and reputation risk. It is inherent in
Losses from external events, such as a natural disaster
every business organization and covers a wide spectrum
that damages a firm’s physical asset or electrical or
of issues. The Board of Director (BOD) of the Bank and its
telecommunications failures that disrupt business, are relatively
Management firmly believe that this risk through a control
easier to define than losses from internal problems, such as
based environment in which processes see documented,
employee fraud and product flaws. It is needless to say that
authorization as independent and transactions are reconciled
there are certain risk factors which are external in nature and
and monitored. This is supported by an independent program
can affect the business of the Bank. The factors discussed
of periodic reviews undertaken by internal audit, and by
below can significantly affect the business:

z External rules and regulations: Potential for actual or Approach for calculating capital charge for operational risk
opportunity loss due to failure to comply with laws or The Bank follows the Basic Indicator Approach (BIA). The
regulations, or as a result of changes in laws or regulations BIA stipulates the capital charge for operational risk is a fixed
or in their interpretation or application. percentage, denoted by α (alpha) of average positive annual
z Damage to assets: Potential for loss or damage to gross income of the Bank over the past three years. It also
physical assets and other property from natural disaster states that if the annual gross income for any year is negative
and other events. or zero, that should be excluded from both the numerator and
denominator when calculating the average gross income. The
z Safety and security: Potential for loss or damage to capital charge for operational risk is enumerated by applying
health or safety of staff, customers or third parties arising the following formula:
from the effects of external events.
K = [(GI1 + GI2 + GI3) × α] / n
z External financial crime: Potential for loss due to criminal
acts by external parties such as fraud, theft and other Where:
criminal activity.
K = the capital charge under the Basic Indicator Approach
z Political condition and general business: IFIC’s
performance greatly depends on the general economic GI = only positive annual gross income over the previous three
conditions of the country. The effect of recession is still years (i.e., negative or zero gross income if any shall be
unfolding which may result to slow down in business excluded)
environment. Political stability is must for growth in α = 15 percent
business activities.
n = number of the previous three years for which gross income
z Credit quality of borrowers: Risk of deterioration is positive.
of credit quality of borrowers is inherent in banking
business. This could result due to the global economic Besides, Gross Income (GI) is calculated as “Net Interest Income”
crisis and supply side distortion. The changes in the plus “Net non-Interest Income”. The GI is also the net result of:
import prices affected the commodity sectors and ship i. Gross of any provisions;
breaking industry. A deterioration in credit quality requires
provisioning. ii. Gross of operating expenses, including fees paid to
outsourcing service providers;
z Basel-III implementation: Basel-III is fully effective from
2019 and IFIC needs to be complied with respect to iii. Excluding realized profits/losses from the sale of securities
credit risk management, its supervision and establishment held to maturity in the banking book;
of effective internal control. The grading of the borrowers iv. Excluding extraordinary or irregular items;
and its link with the capital required may slow down the
credit expansion. The establishment of effective control v. Excluding the income derived from insurance.
requires more investment in technology and operating Quantitative Disclosures
expenses are likely to increase. BDT in Million
z Equity markets Volatility: The Bangladesh Securities
Solo Consolidated
and Exchange Commission and the stock exchanges
improved their supervisory role, but the equity market is (b) The capital requirements for
1,446.47 1,480.70
still volatile. If volatility continues, it is likely to affect the operational risk:
performance of the bank.
z Changes in market conditions: Changes in market I) Liquidity Ratio
conditions, particularly interest rates on deposits and Qualitative Disclosures
volatility in the foreign exchange market are likely to
affect the performance of the bank. Depositors are (a) Views of BOD on system to reduce liquidity Risk
becoming increasingly price sensitive and any unilateral In line with the provisions of liquidity risk management under
upward change by a bank will exert pressure on the Basel III, Bangladesh Bank has identified the (i) Liquidity
interest rate structure of the banking sector. It is feared Coverage Ratio (LCR); (ii) Net Stable Funding Ratio (NSFR); and
that wage earners remittances may decline due to fall (iii) Leverage under the purview of ‘Liquidity’ ratio vide BRPD
in job opportunity in international market. Unless offset Circular No. 18 dated 21 December 2014 and DOS Circular
by export performances, there may be pressure in the No. 1 dated 1 January 2015. The Board of Directors (BOD)
foreign exchange market. reviews the liquidity risk of the Bank on quarterly rest while
z The litigation risk: In the ordinary course of business, reviewing the Quarterly Financial Statements, Stress Testing
legal actions, claims by and against the bank may arise. Report etc. ALM Policy Guideline approved and revised time to
The outcome of such litigation may affect the financial time by the Board of Directors.
performance of the bank.
An overview on liquidity position and liquidity ratios are
Policies and processes for mitigating operational risk submitted annually to the BOD and the BOD approve the
The Operational Risk Management Policy adopted by the Bank strategic plan for managing optimum liquidity. The Board
outlines organizational structure and detailed processes for always strives to maintain adequate liquidity to meet up
management of operational risk. The basic objective of the Bank’s overall funding need for the depositors, borrowers’
policy is to closely integrate operational risk management system requirements as well as maintain regulatory requirements
into day-to-day risk management process of the bank by clearly comfortably.
assigning roles in effectively identifying, assessing, monitoring Methods used to measure Liquidity risk
and controlling and mitigating operational risk. Operational risks The maintenance of Cash Reserve Requirement (CRR)
in the Bank are managed through a comprehensive and well- and Statutory Liquidity Ratio (SLR) are considered as the
articulated internal control frameworks. fundamental methods/tools to measure the liquidity position/

risk of IFIC Bank. However, under Basel III, the following Bank from the depositors for supporting the loans
methods and tools are mandated for measuring the liquidity and advances portfolio of the Bank, and borrowing
risk. from other Banks, Financial Institutions and Central
z Liquidity Coverage Ratio (LCR): Liquidity Coverage Ratio Bank.
ensures to maintain an adequate level of stock of high iii. The treasury will assess the level of interbank
quality liquid assets that can be converted into cash to borrowing capacity and raise funds to meet liquidity
meet its liquidity needs (i.e. total net cash outflows) over from the most reliable sources.
the next 30 calendar days.
z To maintain SLR: Statutory Liquidity Requirement (SLR)
z Net Stable Funding Ratio (NSFR): Net Stable Funding is maintained as per directives of Bangladesh Bank from
Ratio aims to limit over-reliance on short-term wholesale time to time by way of investment in approved securities.
funding during times of abundant market liquidity and
z To maintain NOP: The treasury manages the necessary
encourage better assessment of liquidity risk across all
foreign currency required by the Bank by using its own
on- and off-balance sheet items. The minimum acceptable
intelligence and skill and they do the following trade-
value of this ratio is 100 percent, indicating that, available
Spot, Forward, Swap, Other Foreign Exchange Deals by
stable funding (ASF) should be at least equal to required
using different hedging techniques.
stable funding (RSF). ASF consists of various kinds of
liabilities and capital with percentage weights attached z To maintain Advance-to-Deposit Ratio (ADR): The
given their perceived stability. RSF consists of assets and business of the Bank is forecasted based on the current
off-balance sheet items, also with percentage weights loan, investment and funding strategies, and anticipated
attached given the degree to which they are illiquid or funding need.
“long-term” and therefore requires stable funding. z To maintain LCR: Liquidity coverage is maintained by-
In addition to the above, following measures have been put in i. Increasing investment in T-bills, BGTB, BB Bill,
place to monitor the liquidity risk management position of the Reverse Repo
Bank on a continued manner: i) Asset-Liability Maturity Analysis
ii. Additional investment in Govt. Security shall be
(Liquidity profile); ii) Whole sale borrowing capacity; and iii)
made in short/mid/long combination to meet
Maximum Cumulative Outflow (MCO). Besides, following
liquidity as well as optimize the return
tools are also used for measuring liquidity risk: i) Stress Testing
(Liquidity Stress); and ii) Net open position (NOP) limit - to iii. Balance in FC Accounts with BB to be increased
monitor the FX funding liquidity risk.
iv. Deposit from FIs and Borrowing are to be reduced
Liquidity risk management system and replaced by increasing Customer Deposit, and
At the management level of IFIC Bank PLC, the liquidity risk is
v. Lending/Placement with FI should be more
primarily managed by the Treasury Division (Front Office) under
preferable than lending to others.
oversight of Asset Liability Committee (ALCO) which is headed
by the Managing Director along with other senior management. z To maintain NSFR: Stable Funding is maintained by
Treasury Division (Front Office) upon reviewing the overall increasing Capital, increasing stable customer Deposits,
funding requirements on daily basis sets their strategy to increasing Mortgage Loan and Lending having 50% risk
maintain a comfortable/adequate liquidity position taking into weight, decreasing Investment in Capital Market, and
consideration of Bank’s approved credit deposit ratio, liquid controlling growth of Fixed Assets.
assets to total assets ratio, asset-liability maturity profile, Bank’s Quantitative Disclosures
earning/profitability as well as overall market behavior and
sentiment etc. Apart from the above, Basel Unit also monitors (b) Liquidity Ratio BDT in Million
& measures the liquidity risk in line with the Basel III liquidity
measurement tools, namely, LCR, NSFR, Leverage Ratio. The unit Liquidity Coverage Ratio 124.02%
addresses the key issues and strategies to maintain the Basel III Net Stable Funding Ratio (NSFR) 108.03%
liquidity ratios to the respective division(s) on regular interval.
Stock of High quality liquid assets 74,921
Policies and processes for mitigating liquidity risk
Total net cash outflows over the next 30
The Asset-Liability Management Guideline leads the process 60,411
calendar days
& procedures for mitigation of liquidity risk of IFIC Bank.
The Assets-Liability Committee (ALCO) works under specific Available amount of stable funding 360,093
Terms of References approved by the Board. Treasury Division Required amount of stable funding 336,438
(Front Office) and ALM desk under regular supervision of Top
Management reviews the overall liquidity position of IFIC Bank
and takes appropriate strategy, process in line with the industry J) Leverage Ratio
position for managing liquidity risk of the Bank. The general Qualitative Disclosures
liquidity risk management policies of the bank are as follows:
(a) Views of BOD on system to reduce excessive leverage
z To maintain CRR
An underlying cause of the global financial crisis was the
i. Under the surplus liquidity condition, treasury will build-up of excessive on- and off-balance sheet leverage in the
handle the excess liquidity by providing more loans, banking system. In many cases, banks built up excessive leverage
investing the excess liquid fund in highly marketable while apparently maintaining strong risk-based capital ratios.
fixed income securities, and lending to other Banks, The BOD of IFIC Bank manages leverage risk and are conscious
Financial Institutions and Reverse Repo to Central to address the risk of excessive leverage in a precautionary
Bank. manner by taking due account of potential increases in the risk
of excessive leverage caused by reductions of the bank’s own
ii. The treasury will handle the liquidity shortfall if
funds through expected or realized losses, depending on the
happened with increasing the core deposit of the
applicable accounting rules. The BOD primarily views on the

growth of On and Off balance sheet exposures commensurate in line with Basel III’ under the section of “Risk Weights
with its expected capital growth so that the excessive leverage is Off-Balance Sheet Exposure” by applying a uniform 100%
reduced. Within the On-balance components, again, the Board credit conversion factor (CCF). For any commitments that
emphasizes on the growth of the prime component i.e. the are unconditionally cancellable at any time by the bank
loans and advances and maintaining good asset quality so as to without prior notice, a CCF of 10% is being applied.
maximize the revenue as well as the capacity to generate capital
Quantitative Disclosures
internally (in the form of retained earnings) to trade-off the
BDT in Million
excessive leverage supposed to be caused by asset growth.
(b) Leverage Ratio Solo Consolidated
Policies and processes for managing excessive on and off-balance
sheet leverage Leverage Ratio 5.51% 6.15%
In order to avoid building-up excessive on- and off-balance Tier-1 Capital (Considering all
sheet leverage in the banking system, a simple, transparent, 27,694.43 31,205.19
regulatory adjustments)
non-risk based leverage ratio has been introduced by the Basel
Committee. A minimum Tier 1 leverage ratio of 3% is being On balance sheet exposure 457,374.96 462,650.27
prescribed both at solo and consolidated level. The leverage Off B/S exposure 47,168.63 47,168.63
ratio is calibrated to act as a credible supplementary measure
to the risk based capital requirements. The leverage ratio is Total deduction from On and
intended to achieve the following objectives- (a) constrain the Off-balance sheet exposure/
2,189.97 2,189.97
build-up of leverage in the banking sector which can damage Regulatory adjustments made
the broader financial system and the economy, and (b) reinforce to Tier – 1 Capital
the risk based requirements with an easy to understand and Total exposure 502,353.62 507,628.93
a non-risk based measure. Predominantly, Bank’s policy is
to maintain the Leverage Ratio well above the regulatory
requirement. To this end, the striking components of balance K) Remuneration
sheet, namely, the deposits & borrowing, loans & advances, Qualitative Disclosures
other liquid assets (treasury bills, bonds, fund placements) are
(a) Information relating to the bodies that oversee remuneration.
analyzed. Measures are taken to contain the growth of overall
size of balance sheet considering short term outlook of the Name, composition and mandate of the main body overseeing
industry indicators as well as possible growth of equity (Tier 1 remuneration.
capital) of the Bank on quarterly rest. With regard to managing
The Board of Directors sets the remuneration structure. Based
the excessive leverage, the regulatory stance through the
on approval of pay package from the Board, Human Resource
monetary policy initiatives i.e. the scope of expected business
Management Division disburses remuneration centrally which
potential (growth), estimated money supply, inflation, resulting
is supervised by the Management of the Bank.
the estimated overall liquidity of the industry as well as the
Bank in particular is also considered. External consultants whose advice has been sought, the body
by which they were commissioned, and in what areas of the
Approach for calculating exposure
remuneration process.
The Bank follows the accounting measure of exposure for the
No external body/consultants are involved to seek advice. For
leverage ratio. In order to measure the exposure consistent
market research, external data are collected informally while
with financial accounts, the Bank applies following:
setting remuneration structure.
i. On balance sheet, non-derivative exposures will be net of
specific provisions and valuation adjustments. A description of the scope of the bank’s remuneration policy
(eg by regions, business lines), including the extent to which it is
ii. Physical or financial collateral, guarantee or credit risk applicable to foreign subsidiaries and branches.
mitigation purchased is not allowed to reduce on-balance
sheet exposure. Bank’s remuneration policy governs the IFIC Bank PLC. ,
IFIC Securities Ltd. and IFIC Investment Ltd. for employees
iii. Netting of loans and deposits is not allowed.
regardless of cost centers/business lines. Separate
The formula for Leverage Ratio is as follows: remuneration package is practiced in case of foreign
Leverage Ratio = subsidiaries.
Tier-1 Capital (considering all regulatory adjustments) A description of the types of employees considered as material
risk takers and as senior managers, including the number of
Total Exposure
employees in each group
Where, Total Exposure = On-Balance Sheet Exposure + Off-
Balance Sheet Exposure - Total Deduction from On and Off- Generally MANCOM members and Senior Management Team
Balance Sheet Exposure/Regulatory adjustments made to Tier (SMT) members are considered as material risk takers.
1 capital (b) Information relating to the design and structure of
z On-Balance Sheet Items: The Bank includes items using remuneration processes.
its accounting balance sheet for the purposes of the An overview of the key features and objectives of remuneration
leverage ratio. Total On balance sheet exposure can be policy.
derived by deducting ‘Total Specific Provision’ from ‘Total The remuneration structure of the Bank is primarily designation
On-Balance Sheet Assets’. wise range based which is designed to be market competitive
z Off-Balance Sheet Items: The Bank calculates the off- to attract and retain talents. It is directly linked to the annual
balance sheet (OBS) items specified in Credit Risk chapter performance of an employee. Based on annual performance
(Table 12) of ‘Guidelines on Risk Based Capital Adequacy rating of the employees, yearly increment (Inflationary
(RBCA) - Revised Regulatory Capital Framework for banks adjustment & Performance Pay) is given.

Whether the remuneration committee reviewed the firm’s branch and head office level. The KPIs are based on the job
remuneration policy during the past year, and if so, an overview of responsibilities of the respective functional position.
any changes that were made.
A discussion of how amounts of individual remuneration are
There is no specific remuneration committee to review linked to bank-wide and individual performance.
the policy. Since the remuneration structure is linked to
As part of yearly increment, performance pay (Individual
performance, Management of the Bank decides every year
performance & bank’s performance) is adjusted through
whether to adjust the pay structure with national inflation and
giving certain percentage load on basic salary to the eligible
individual performance to make it more market competitive
employees in addition to inflationary adjustment.
with the approval of the Board of Directors.
A discussion of the measures the bank will in general implement
A discussion of how the bank ensures that risk and compliance
to adjust remuneration in the event that performance metrics are
employees are remunerated independently of the businesses they
weak.
oversee.
As the Bank adjusts remuneration of Individual employee
Employees’ remuneration is fully co-related with individual
based on performance, poor rating in the performance metrics
performance. At the beginning of the year, mutually agreed
may result lower/without benefit.
business targets/objectives are set for each employee
irrespective of place of posting or cost center and end of (e) Description of the ways in which the bank seek to adjust
the year employee performance is evaluated by immediate remuneration to take account of longer-term performance.
supervisor. The evaluation process is overviewed by A discussion of the bank’s policy on deferral and vesting
“Performance Evaluation Review Committee”. Hence, a fair of variable remuneration and, if the fraction of variable
performance evaluation is ensured that risk and compliance remuneration that is deferred differs across employees or groups
employees are remunerated independently of the businesses of employees, a description of the factors that determine the
they oversee. fraction and their relative importance.
(c) Description of the ways in which current and future risks are Not applicable
taken into account in the remuneration processes. A discussion of the bank’s policy and criteria for adjusting deferred
An overview of the key risks that the bank takes into account remuneration before vesting and (if permitted by national law)
when implementing remuneration measures. after vesting through claw back arrangements.
The business risk, compliance & reputational risk are mostly Not applicable
considered when implementing the remuneration measures for (f) Description of the different forms of variable remuneration that
each employee/group of employee. Financial and liquidity risks the bank utilizes and the rationale for using these different forms.
are also considered. An overview of the forms of variable remuneration offered (i.e.
An overview of the nature and type of the key measures used to cash, shares and share-linked instruments and other forms.
take account of these risks, including risks difficult to measure Remuneration is offered in case of yearly increment/
(values need not be disclosed). performance bonus which may be variable based on approval
Performance based remuneration is a justified way to ensure from the Board.
equity in remuneration. The motto of “Performance Based A discussion of the use of the different forms of variable
Remuneration” is to attract talented & skilled workforce, remuneration and, if the mix of different forms of variable
increase employee motivation, productivity and reduce remuneration differs across employees or groups of employees), a
employee turnover. description the factors that determine the mix and their relative
A discussion of the ways in which these measures affect importance.
remuneration. No other variable remuneration except yearly increment and
While evaluating the performance of each employee annually, performance bonus which are done based on performance.
all the financial and non-financial indicators as per pre- Qualitative Disclosures
determined set criteria are considered; and accordingly the The quantitative disclosures detailed below covers only senior
result of the performance varies from one to another and thus management and other material risk takers.
affect the remuneration as well.
A discussion of how the nature and type of these measures has (g) Number of meetings held by the main
changed over the past year and reasons for the change, as well as body overseeing remuneration during the
N/A*
the impact of changes on remuneration. financial year and remuneration paid to its
member.
The performance based pay package is offered to the suitable
employees based on individual performance. This system has (h) Number of employees having received
been introduced to motivate the talented staff and to attract a variable remuneration award during the N/A
financial year.
the suitable resources.
Number and total amount of guaranteed 02 Festival Bonus
(d) Description of the ways in which the bank seeks to link & Pohela Boisakh
bonuses awarded during the financial year.
performance during a performance measurement period with Bonus for employee
levels of remuneration. (Total amount BDT :
11.17 Million)
An overview of main performance metrics for bank, top-level
business lines and individuals. Number and total amount of sign-on
Nil
awards made during the financial year.
Based on Key Performance Indicators (KPI) for the Bank,
Management segregates the target to the individual branches Number and total amount of severance
Nil
and division which ultimately helps in setting individual KPI at payments made during the financial year.

(i) Total amount of outstanding deferred All other unclassified loans 1.00%
remuneration, split into cash, shares and BDT in million
Off-shore banking unit
share-linked instruments and other forms.
Unclassified loans 1.00%
Cash Nil
Shares Nil Specific provision-for Classified
Share-linked instruments Nil Sub-standard 20.00%
Other forms Nil Sub-standard- Short term Agri. Credit &
5.00%
Total amount of deferred remuneration Small, Cottage & Micro
Nil
paid out in the financial year. Doubtful 50.00%
(j) Breakdown of amount of remuneration Doubtful- Short term Agri. Credit 5.00%
BDT in Million
awards for the financial year to show:
Doubtful (Small, Cottage, Micro) 20.00%
fixed and variable. 23.97
Bad/loss 100.00%
deferred and non-deferred. Nil
different forms used (cash, shares and Particulars of required provision on Off-balance Sheet
Nil
share linked instruments, other forms). Exposure
Acceptances and endorsements 1.00%
(k) Quantitative information about employees’ exposure to
implicit (e.g. fluctuations in the value of shares or performance Letters of guarantee 1.00%
units) and explicit adjustments (e.g. clawbacks or similar Irrevocable letters of credit 1.00%
reversals or downward revaluations of awards) of deferred
remuneration and retained remuneration: Bills for collection 0.00%
Total amount of outstanding deferred Annexure – II: Total gross credit risk exposures broken down
remuneration and retained remuneration by major types of credit exposure
Not applicable
exposed to ex post explicit and/or implicit
adjustments. Particulars BDT in Million
Total amount of reductions during the Not applicable Term loan industrial 15,473.79
financial year due to ex post explicit
Term loan consumer finance 686.18
adjustments.
Agricultural loan 607.20
Total amount of reductions during the Not applicable
financial year due to ex post implicit Term loan women entrepreneur 42.65
adjustments.
Term loan-others 112,875.59
z Management generally oversees remuneration on
House building loans 79,597.78
monthly basis.
Staff loan 977.47
Annexure – I: Rate of general and specific provision for loans Transport loan 38.41
and advances as per Bangladesh Bank Guideline
Loan general 1,986.49
Category of Loans & Advances Rate (%) of provision Demand loan 8,833.97
General Provision-for Unclassified Overdrafts 82,583.96
Loans and advances (excluding SMA) Cash credit 20,415.28
Small and medium enterprise 0.25% Credit card finance 147.63
Consumer finance (house building) 1.00% Loan against trust receipt (LTR) 2,725.22
Loans to BHs/MBs/SDs share etc. 2.00% Lease Finance 144.03
Consumer Finance 2.00% Margin Loan 4,010.22
Consumer Finance (card) 2.00% Bills purchased and discounted 22,982.39
Short Term Agri. Credit and Microcredit 1.00% Off-shore banking unit 1,730.61
All other unclassified loans 1.00% Total 355,858.87
Special Mention Account (SMA) Annexure-III: Geographical distribution of exposures, broken

down into significant areas by major types of credit exposure
Small and medium enterprise 0.25%
Consumer finance (house building) 1.00% Particulars BDT in Million
Loans to BHs/MBs/SDs share etc. 2.00% Dhaka Division 300,055.75
Consumer Finance 2.00% Chottogram Division 31,465.63
Consumer finance (card) 2.00% Sylhet Division 2,692.73
Short Term Agri. Credit and Microcredit 0.00% Rajshahi Division 7,937.94

Khulna Division 5,709.29 Annexure-VI: Impaired and Past Due Loans
BDT in Million
Barisal Division 1,295.98
Status-wise amount of impaired/
Total
Rangpur Division 3,891.28 Major Type classified loans
Mymensingh division 2,810.26 SMA SS DF BL

Continuous Loan 498.34 1,601.55 570.64 6,515.59 9,186.12
Total 355,858.87
Demand Loan 231.93 24.47 11.72 820.95 1,089.06
Annexure-IV: Industry or counterparty type distribution of Term Loan 7,515.53 944.55 453.78 8,608.02 17,521.88
exposures, broken down by major types of credit exposure Other Loan 0.00 266.37 13.53 48.22 328.13
Total 8,245.80 2,836.94 1,049.67 15,992.78 28,125.19
Particulars BDT in Million
Agriculture Industries 1,556.21 Annexure-VII: Interest Rate Risk in the Banking Book
Jute Industries 5,537.02 (BDT in Million)
Textile Industries 19,445.12 CRAR before-shock (%) - 12.78
Garments Industries 48,807.00 Interest rate stress Minor Moderate Major
Chemical and Chemical Products 129.65 Assumed change in
1.0% 2.0% 3.0%
interest rate
Cement Industries 2,874.71
Net interest income
Bricks & Ceramic 4,006.45
impact
Food Products & Processing 4,368.59
<12 months 417.21 834.41 1,251.62
Engineering & Metal 10,188.88
Capital after-shock 43,683.51 44,100.71 44,517.92
Drugs & Pharmaceuticals 2,800.46
CRAR after-shock (%) 12.90 13.03 13.15
Hospital & Clinics 197.78
Paper & Paper Products Industries 3,210.64 Change in CRAR after-
0.12 0.25 0.37
shock (%)
Other Small Industries 11,235.92
Re-pricing impact
IT Sector 5,298.96
Change in the value of
Other Service Industries 25,823.19 -1,851.52 -3,703.05 -5,554.57
the bond portfolio
Trade & Commerce 26,251.85
Capital after-shock 41,831.98 40,397.67 38,963.35
Transport 694.65
CRAR after-shock
Construction Firms/Companies 24,206.13 12.36 11.93 11.51
(percent)
Housing Societies/Companies 32,700.28 Change in CRAR after-
-0.55 -1.09 -1.64
Cold Storage - shock (%)
Consumer Finance 93,003.60 Overall change in CRAR

(NII and re-pricing -0.42 -0.85 -1.27
Energy 8,635.13 impact, %)
Telecommunication 11,097.24
NBFI’s 94.79
Others 13,694.62
Total 355,858.87
Annexure-V: Residual contractual maturity breakdown of

the whole portfolio, broken down by major types of credit
exposure
Particulars BDT in Million

On demand 57,576.33
Up to 1 month 8,706.55
Over 1 month but not more than 3 months 22,108.46
Over 3 months but not more than 1 year 54,516.45
Over 1 year but not more than 5 years 79,923.89
Over 5 years 110,044.80
332,876.48
Bill purchased and discounted 22,982.39
Total 355,858.87

Report on
Risk Management

Report on Risk Management
Introduction Risk management Division of IFIC is in z Reviewing the assessment of
the process of knowing what type of Risk Based Capital Adequacy and
Banking is the management of risk. uncertainties are out there so that IFIC oversee the capital management
Banks accept risk in order to earn can find out what steps are there to functions of the Bank as per Basel
profits. They must balance alternative take against these and be fully prepared III Accord;
strategies in terms of their risk/ for eventualities. Decisions have to be
return characteristics with the goal z Analyzing the bank’s own resilience
taken; business needs to be conducted capacity towards facing financial
of maximizing shareholder wealth. In as well. Thus IFIC RMD helps to identify
doing so, banks recognize that there difficulties of the Bank;
uncertainties so that informed decisions
are different types of risk and that are made by the management. z Communicate views of the
the impact of a particular investment board and senior management
strategy on shareholders depends Risk management refers to the practice throughout the bank;
on the impact on the total risk of the of identifying potential risks in advance,
z Monitoring compliance of
organization. analyzing them and taking precautionary
irregularities found in core risk
steps to reduce/curb the risk. Risk is an
Risk and risk management is an inspection reports of BB;
integral part of the Banking business
inescapable part of economic activity. and IFIC Bank’s aim is to deliver and z Taking appropriate steps to control
Risk, broadly defining, is exposure to maximize shareholders’ value by or mitigate risk exposures and
uncertainty. Risk is also the concept achieving an appropriate trade- off ensure reporting the same to
used to describe all of the uncertain between risk and returns. senior management and BRMC.
environmental variables that lead to
The RMD needs to manage and measure 2. Objectives of RMD
variation in and unpredictability of
risks on the basis of the bank’s approved The objective of risk management
outcomes. More colloquially, risk is
risk parameters independently in line in IFIC is not to prohibit or prevent
about the chance of a loss or adverse
with regulatory requirements. The role risk taking activity, but to ensure
outcome as a result of an action,
of RMD includes, but not limited to, the that the risks are consciously taken
inaction, or external event. This last
following: with full knowledge, clear purpose
view may make it sound as if risk is
and understanding so that it can be
something to be avoided. But that is not z Developing risk management
measured and managed properly.
at all the case. Risk is a key ingredient policies, methodologies,
IFIC believes in not ignoring the risks
in the recipe for business success, and guidelines, and procedures
or believing they can be passed off
return without risk is generally a false for risk identification, risk
also. So the objectives have been set
hope and usually a prescription for measurement, risk monitoring,
accordingly.
falling short of one’s goals. Risks taken determining acceptance level of
must be carefully chosen, understood risk, risk controlling in line with the The objective of the Bank is to maximize
and well-managed to have a chance at guidelines provided by Bangladesh shareholders wealth by increasing
adding value through decisions. Risk Bank; bank business activities within board
exposure results from the decisions of determined risk appetite. Bank is careful
z Review and update of all risks in
an organization to take on risk-sensitive of achieving this objective in line with
a systematic manner as necessary
assets and liabilities. the interests of all stakeholders while
at least annually, ensuring that
adequate control exists and that achieving risk management objectives.
Risk cannot be totally mitigated but its
the related returns reflect these The prime objective of risk management
worse effect can be minimized to certain
risks and the capital allocated to is trade-off between risk and reward in
stage. IFIC Bank has a comprehensive
support them; our business portfolio. The purpose of
risk management process to identify,
risk management is to identify potential
evaluate, monitor, control and mitigate z Conducting, developing and problematic areas before they occur
risks and assess the overall capital overseeing Stress Testing activity. so that risk handling strategies may be
adequacy in relation to its risk profile. Utilizing the Stress Test result planned and invoked in advance across
and scenario analysis to better the life of the product or project to
Risk Management Structure understand potential risk exposures mitigate adverse impacts on achieving
under a variety of adverse objectives. The objectives of IFIC are
1. Risk Management Division
circumstances; mentioned in the following figure:
Over the past few decades, risk
management division in banking has z Supporting the Board, BRMC and
been passed through different stages. ERMC in formulation, review and
Most specifically, these changes took approval of the enterprise-wide
place in response to regulators both risk governance framework which
global and local due to the global includes the bank’s risk culture, risk
financial crisis. This same is true for appetite, risk limits, and MAT;
IFIC Risk Management Division also. z Monitoring on ongoing basis
But as the nature of banking changes the risk-taking activities and
over the next decade, so too will risk risk exposures in line with the
management need to evolve. Banks board approved risk appetite, risk
have to conduct their business and limit and corresponding capital
merely just because there is some or liquidity needs (i.e. capital
uncertainty they cannot just sit back. planning);

Create Awarenes
Depelop a common understanding of risk across the bank involving every employee
at all levels for pro-acvely addressing the risk.
Risk Ownership
Establish specific ownership of risks and control to migate the risks.
Control Enforcement Ensure all the policies and guidelines for core risks are in pracce. It will ensure control
in place to migate these risks.
Strategy aligned
Risk Migaon Finally, RMD is focused in achieving risk migaon strategy to achieve in line with bank’s
strategy and target
Figure 1: IFIC Risk Management Objectives
RMD follows the detail risk management the percentage of financial liabilities z Public disclosures (Pillar 3) etc.
process to achieve the objectives. sourced from the top-10 suppliers, z All Basel related activities are under
the gaps between total assets and the purview of RMD.
3. Scope of RMD
liabilities in different time buckets
Sound risk management is the broader 4. Risk Management Process
of the liquidity profile, the gap
scope of RMD. There are many circulars, Risk management is the process by
between rate-sensitive assets and
policies, guidelines issued by regulators which an organization defines the
rate-sensitive liabilities in different
and internal source from time to level of risk to be taken, measures the
time buckets, various ratios,
time with a view to ensuring proper level of risk being taken, and adjusts
expected loss from operational
application of sound risk management the latter toward the former, with the
risk, etc. These Risk Appetites are
in Bank. All these ensure building goal of maximizing the organization’s
approved by the Board and sent to
the necessary infrastructure and value. Risk Management Process
Department of Off-Site Supervision
taking various steps for identification, helps management to arrive at desired
(DOS), Bangladesh Bank within first
measurement, monitoring, and control indicators of profitability and to avert
two months of every year.
or mitigation of various existing and illogical resource deployment. IFIC
potential risks. For stronger and updated z RMD conducts the Stress Testing
Bank’s risk management process is
risk management activities, the following and share with Bangladesh Bank at
based on a clear understanding of
tasks are under the purview of IFIC given frequency.
various risks, disciplined risk assessment
RMD: z Basel refers to and measurement procedures and
z The RMD reports high-risk the capital and liquidity continuous monitoring. The policies and
related issues identified by standards prescribed by the Bank procedures for risk management are
the management-level risk for International Settlements approved by Board of Directors and the
committee, directly to the BRMC, (BIS) to promote stability of Board of Directors has oversight on all
and shall provide a copy to the international banking system. the risks assumed by the bank.
Managing Director & CEO for Bangladesh Bank (BB) circulated
‘Guidelines on Risk Based Capital Risk Management Division is to
acknowledgement.
Adequacy’ vide BRPD circular no. identify and quantify the overall risk
z RMD requests ICC division to inherent with the banking business.
18 dated 21 December 2014 for
conduct audit on any specific issue After identifying and measuring risks
gradual implementation of Basel
if deemed necessary. we take initiative to minimize the risks
III which started from 01 January
z IFIC entrusts in the RMD’s 2015 in Bangladesh. These new and keep it within the risk appetite.
responsibility of monitoring global regulatory and supervisory Risk management is a discipline at the
the implementation of required standards mainly addressed the core of every financial institution and
corrective action, related to following areas: encompasses all activities that affect
objections revealed in the its risk profile. It involves identification,
z Raise the quality and level of measurement, and monitoring,
inspections conducted on the
capital to ensure banks are better controlling and reporting risks to ensure
basis of the core risk management
able to absorb losses on both a that:
guidelines.
going concern and a gone concern
z The RMD determines the Risk basis; z The individuals who take or
Appetites on yearly basis for all manage risks clearly understand it.
z Increase the risk coverage of the
possible measurable risk areas. z The organization’s risk exposure is
capital framework;
These areas include, but are not within the limits established by the
limited to, sector, industry and z Introduce leverage ratio to serve as highest authority of the institution;
area- wise loan targets, credit a backstop to the risk-based capital
measure; z Risk taking decisions are explicit
concentration among top-20
and clear;
borrowers, off-balance sheet z Raise the standards for the
exposure as a percentage of total supervisory review process (Pillar z Risk taking decisions are in line
assets, the annual growth rate for 2); and with the business strategy and
loans and advances, limitations on objectives set by the highest

authority of the institution;
z The expected payoffs Establish the control
compensate for the risks taken;
and
z Sufficient capital is available as a
buffer to take risks. Idenfy the risks
Communicate and consult
Monitor and review

IFIC Bank is tailoring its Risk
Risk assessment
Management Process to its need and
circumstances as per Bangladesh Bank
guideline. Hence, managing of risks Analyse the risks
consists of the following steps:
Evaluate the risks
Figure 2: Risk Management Process
Treat the risks
i) Communication and Consult to bank’s six core risks and few other occurrence
This is preparatory step that aims categories risks by using different z Change the consequences
to identify the responsible persons processes and it is a continuous process.
involved in risk assessment (including z Share the risk
There are two main ways to identify
identification, analysis and evaluation) z Retain/Accept the risk supported
banking risks:
and also the persons engaged in the by the CRAR as per Basel III
treatment, monitoring and review of risk. 1. Identifying retrospective risks
vii) Monitoring and review of risks
In this step, IFIC management 2. Identifying prospective risks Risks need to be monitored periodically
communicates the roles, responsibilities, to ensure changing circumstances do
iv) Analysis of the risks
accountabilities of the internal stake not alter the risk priorities. Very few
The risk analysis step assists in
holders. Formation of policies, review/ risks will remain static, therefore the
determining which risks have a greater
revision, and dissemination of the risk management process needs to be
consequence or impact than others.
policies is also part of this step. regularly repeated, so that new risks are
Thus analyzing the likelihood and
captured in the process and effectively
ii) Establishment of the context consequences of each identified risk
managed.
This is another preparatory stage and deciding which risk factors will
that closes to starting the formal potentially have the greatest effect and IFIC Bank reviews risk management plan
risk management process. Before should, therefore, receive priority with at every business level on an annual
risk can be clearly understood
and dealt with, it is important to regard to how they will be managed. basis.
understand the context in which The level of risk is analyzed by
IFIC Bank also incorporates Risk
it exists. combining estimates of likelihood and
management into the operational and
consequences.
The steps to assist establishing the management processes at every level
context within which risk will be v) Evaluation of the risks of the organization and drives from the
identified are:- Risk evaluation involves comparing the top down.
a) Establish the internal context level of risk found during the analysis
process with previously established risk Risk Governance Structure
b) Establish the external context criteria, and deciding whether these Governance is the top level system of
c) Establish the risk management risks require treatment. The result of structures, rights, and obligations by
context a risk evaluation is a prioritized list of which organizations are directed and
risks that require further action. This controlled. Normally performed at the
IFIC Bank has established the internal, step is about deciding whether risks are
external & risk management context to board level, governance is how goals are
acceptable or need treatment. defined, authority is granted, and top
achieve organizational goals.
vi) Treatment of risks level decisions are made. The foundation
iii) Risk Identification for risk management in the organization
The next step is to identify possible Risk treatment is about considering is set at the board level as well.
risks that may affect, either negatively or options for treating risks, evaluating
positively, the objectives of the business those options, preparing the risk 1. Board
and the activity under analysis. The treatment plans and implementing those IFIC Board is in focus to enhance
purpose of this step is to identify what plans to achieve the desired outcome. corporate governance and make
could go wrong (likelihood) and what valuable contributions to the prudent
Options for risk treatment: management of the institution. Board is
is the consequence (loss or damage) of
z Avoid the risk providing optimal risk oversight at IFIC
it occurring. IFIC RMD team uncover,
recognize and describe risks relating z Change the likelihood of the by ensuring the following functions:

z Establish the risk appetite, risk Management Committee (ERMC) with implementation and maintenance of an
tolerance risk limit, and set risk the CRO as the Chairman. appropriate Management Information
strategies. System (MIS) that identifies, measures,
All the committees, where RMD is
Approve bank’s risk management monitors and controls Bank’s various
z involved, are mentioned below:
policies risks. And finally through effective
i) BRMC communications among the members
z Determine the strategic direction As per Bangladesh Bank guideline, IFIC of the committee provide necessary
z Create an environment for effective has a strong Board Risk Management guidance which are mentioned in
risk management establishment Committee (BRMC). All the members respective minutes and ensured
z Oversee governance of risk-taking have the risk oversight of the bank with necessary action taken by the concerned
in the organization a clear understanding of all types of risks parties. This committee sat every month
inherent in business lines. They regularly through digital platform during 2022 and
z Ensure appropriate inclusion of risk
take appropriate steps to ensure ensured to follow all the guidelines of
in compensation policy
continued awareness of any changes in Bangladesh Bank for the committee.
z Oversee and sign-off risk related the level of risks. IFIC has 5 members
disclosure. iii) Basel Unit
in BRMC. All the directives given by
Basel Unit has supervisory committee
2. Senior Management Bangladesh Bank are meticulously
consists of six (6) members headed by
Senior management is responsible for followed by the Committee. BRMC
CRO. They have also a working team
the implementation of risk policies. They regularly reviews the strategies and
consisting of three (3) members.
ensure execution of Board’s strategic significant risk management policies
direction in all levels of the bank. They which are developed by senior iv) Supervisory Review Process (SRP)
are to transform the strategic directions executives. The committee is very much
SRP has following three layers
set by the Board into operational aware of the nature of risks, significant
to the bank and for ensuring that the z Strategic Layer: Board Risk
policies, procedures, and processes for
management is taking necessary steps to Management Committee (05
effective risk management.
implement those strategies and manage Members) bears the responsibility.
The senior management of IFIC is fully accompanying risks. z Managerial Layer: Nine (09)
aware of the activities undertaken Members headed by CEO.
by the bank that could expose it to BRMC ensures to take place minimum
once in a quarter. But also they sit, as z Operational Layer: Risk
various risks. They have the necessary
and when required. In 2022, there took Management Division is
knowledge and skills to be able to
seven (7) BRMC meeting against the responsible.
align the risk levels with the board’s
strategies through risk assessment Bangladesh Bank meeting requirement
and treatment. They ensure that the of at least four (4). Risks Handled by IFIC
policies are embedded in the culture ii) ERMC 1. Risk Categories:
of the bank. They are also responsible IFIC has its Executive Risk Management IFIC handles its risk management
for implementing risk management Committee (ERMC) with 15 senior activities through managing core
strategies and policies and ensuring that officials of the Bank. IFIC’s top risks identified by the central bank of
procedures are put in place to manage management is aware of Bank’s risk Bangladesh. The bank is also focused on
and control the risks in accordance profile on an ongoing basis and updated other material risks that have significant
with those policies keeping in view the with regularly report it to ERMC for impact on its business activities to
strategic direction and Risk Appetite review. For effective oversight of risk achieve the goal. Thus we divide all risks
specified by Board. management by ERMC, the members in two broad categories, which are core
3. Committees of Risk Management of ERMC are provided with sufficient risks and other risks.
IFIC has the Chief Risk Officer (CRO) information and they get enabled to
understand the bank’s risk profile, how All the risks addressed by IFIC Risk
who is a DMD and not acting as Chief Management Division are mentioned in
Operating Officer, Chief Financial Officer risks are assessed and as well.
the below diagram:
and Head of the Internal Control and To serve this purpose of ERMC,
Compliance department. The bank members oversee the development,
has constituted an Executive Risk
Core Risks
● Credit risk ● Asset-liability risk ● Foreign exchange risk ● Money laundering risk
● Informaon and communicaon technology risk; and Internal control and
●
compliance risk
Other Risks
● Liquidity Risk ● Interest Rate Risk ● Equity Price Risk ● Environmental and Social
Risk ● Reputaonal Risk ● Compliance Risk ● Country Risk
Figure3: Risk Categories

Bangladesh Bank has issued policy risk management policy in line with the the risks associated with individual credit
guidelines for prudent management policy guidelines of Bangladesh Bank, proposal. The bank carefully appraises
of the core risks. Accordingly, IFIC has implementation of Basel-III as well as the relationship between credit risk
formulated these guidelines and also set in order to keep pace with the changed and other risks while supporting its
own policies for the same in line with BB environment of money market, credit transactions. To manage credit risk in
guideline. A snapshot of all these risks is cultures, risks diversity & dimension. The a prudent manner, the bank forms two
given below. bank optimizes risk-adjusted return from committees mentioned below:
the loan and advance portfolio. So, to
A. Core Risks
control this credit risk, the bank takes
i) Credit Risk into cognizance the credit risk inherent
IFIC bank formulates its own credit in the bank’s entire portfolio as well as
Credit Risk Management

Commiee (CRMC) The commiee is empowered to oversee credit risk taking acvies and overall credit
risk management funcons of the bank.
Credit Commiee
The role of credit commiee is restricted to only review of proposals i.e.
recommendaon or review of bank's loan porolio.
Figure 4: Credit Risk Governance Committee
IFIC bank has a Credit Risk Management different types of loans (sectorial loans, SAM division is continuously monitoring
division headed by an experienced DMD industrial loans, Aamar Bari loans, auto the classified & written off loans and
& CCO. The division includes Corporate, loans, loans for trade & commerce, recovery against those. Bank’s robust
SME and Retail departments at head construction loan, etc.) have uneven risk capabilities enable to identify, measure,
office level and marketing & sales return factors and hence opportunities monitor and control credit risks, thereby
department at branch level entrusted are pursued accordingly, also depending enabling a rigorous control on NPLs as
with the responsibilities of maintaining upon the prevailing market conditions well as ensuring that adequate capital
effective relations with customers, and industry prospects. against these risks is maintained with
marketing credit products, exploring new z Credit Concentration satisfactory compensation against
business opportunities. For ensuring potential losses.
proper risk management, the Bank has Bank’s management always pays
attention to the following credit ii) Asset-Liability Risk
following teams:
concentration risk areas: The assets and liabilities of IFIC Bank
z Credit Approval;
z Sector wise exposure PLC are managed in order to maximize
z Credit Administration; stake holder’s value, to enhance
z Division wise exposure (Geographic
z Special Asset Management. profitability and increase capital, to serve
Concentration)
customers and community needs, and
All these teams also ensure sound credit z Group wise exposure to protect the bank from any disastrous
risk management practices by
z Single borrower wise exposure financial consequences arising from
z Establishing an appropriate credit changes in interest rate/liquidity.
risk environment; z Top borrower wise exposure
The Board of Directors believes that
z Operating under a sound credit The Board of Director of the bank sets accepting some level of interest rate risk
granting process; risk appetite, risk tolerance and risk is necessary in order to achieve realistic
limits for sectors, divisions/areas, top profit goals.
z Maintaining an appropriate credit
borrowers etc. to achieve the goal of
administration and monitoring IFIC bank has the asset liability
the bank.
process; management policy to monitor, measure
z Credit Quality and manage the risks associated with
z Ensuring adequate controls over
credit risk. The bank has established credit the balance sheet and protects the
approval system, disbursement process, bank against any unforeseen losses/
z Monitoring non-performing loans
maintaining a robust administration threats to survival. The policy is revised
and recovery against NPL & written
& monitoring process and ensuring to accommodate regulatory and
off loans.
simultaneous control. Marketing and organizational changes over time. The
For effective credit risk management, sales team at branch level, credit team bank sets the following liquidity risk
the Bank follows the below principles and business team at head office indicators that are used to monitor the
additionally: level identify these risks by engaging status of its liquidity position and to
z Portfolio Composition in physical visits across different achieve the goal:
disbursement phases. These checks z Advance to Deposit Ratio(ADR)
IFIC Bank focuses on Aamar Bari also enforce corporate borrowers to
financing. However, the bank is also z Wholesale Borrowing Guidelines
improve their environmental and social
concurrently exploring opportunities (WBG)
performance while improving their credit
to grow its corporate and retail record. Stressed loans are monitored z Undrawn Commitments
loan segments. The Bank’s portfolio by risk management division, credit z Maximum Cumulative Outflow
comprises a variety of products based administration and remedial asset (MCO)
on the risk-return trade-off. The management division. Furthermore,

z Liquidity Coverage Ratio (LCR) z Provide structured treasury z Monitoring & management of
z Net Stable Funding Ratio (NSFR) solutions to customer various foreign exchange and
z Marketing activities for future money market positions
z Structural Liquidity Gap analysis
business growth z Monitoring & management of
z Liquid asset to short-term deposit various cash flows and cash
z Record/maintain all foreign
z Liquid asset to short-term liability exchange and money positions
z Cash Reserve Requirement (CRR) z Proposals/ renewals for various
Treasury Back Office: The market risk
z Statutory Liquidity Requirement internal limits
exposure and particularly front office
(SLR) etc. activities are monitored by the back z Monitoring trader’s adherence to
The responsibility of managing the office of the bank. The back office various internal and regulatory
assets and liabilities is entrusted to the is responsible for monitoring of deal limits
Asset-Liability Management Committee confirmation, deal settlement, funding to z Monitoring trader’s adherence to
(ALCO). ALCO meeting is held once or Nostro account, maintenance of Nostro various counterparty limits
more in every month to analyze, review account etc.
z Monitoring and managing all
and formulate strategies in order to Treasury back office performs the balance sheet gaps
manage the assets and liabilities of the following functions for smooth z Monitoring trade payments/FX
bank. operation of foreign exchange and to deals through payment control
iii) Foreign Exchange Risk Management achieve the organizational goal: system.
Treasury Division of the bank measures z Input, verification and settlement
iv) Money Laundering Risk
and monitors the Foreign exchange of deals
IFIC’s Board views money laundering
risks. The bank has formulated a foreign z Receiving and sending of deal prevention as part of its risk
exchange guideline which has been confirmation Certificates management strategy and not simply as
implemented for managing foreign z Preparation of currency positions a standalone requirement imposed by
exchange risks as per directives of (of previous day-end) and report to legislation. The bank is fully committed
Bangladesh Bank. The functions of traders prior to commencement of to condemn money laundering and
treasury front office, mid office and day’s dealings terror financing.
back office have been segregated.
z Rate appropriateness function for The bank has formulated comprehensive
The operational guidelines have also
all deals done policy on money laundering prevention
been formulated specifying the roles
Revaluation of all foreign exchange and combating terrorist financing
and responsibilities of front, mid and z
positions at a pre-determined policies and all these policies
back office so that various foreign
frequency are approved by the Board. The
exchange transactions can be conducted
management of the bank always strives
according to the policy guidelines of the z Managing discrepancies and to enhance bank’s policies, procedures,
Bangladesh Bank and the risks can be disputes systems and technological resources
measured, monitored and managed.
z Daily calculation for adherence to on the guidance of the Board. The
Treasury Front Office: IFIC’s treasury statutory maintenance management also issues multiple
front office acts as the bank’s interface circulars and instructions in compliance
The bank has established a reconciliation
to international and domestic financial with the updated regulations. As part
department and it performs all foreign
market. The front office is the unit that of bank’s anti-money laundering policy,
currency reconciliation in the Nostro and
interacts with the market within the every year, IFIC Bank communicates a
Vostro account.
generally approved framework and the statement to all employees through the
authority given to dealers by the Board Treasury Mid Office: IFIC bank has Managing Director & CEO that clearly
of Directors of the bank. an independent treasury mid office sets forth the way forward for the year
and the mid office is responsible to and shares the initiatives taken over the
Treasury Front office ensures the
independently monitor, measure and last year pertaining to combating money
following activities to achieve the goal:
analyze risks inherent in treasury laundering and terrorist financing.
z Statutory management operations of the bank. The mid office
performs risk review function of day- IFIC bank has a Chief Anti-Money
z Optimization of risk return through
to-day activities and prepare various Laundering Compliance Officer
specialization and management
risk reports to check whether there (CAMLCO) and Deputy CAMLCO. Both
z Funding of the balance sheet at of them together ensure that the bank
is any violation or not and submit the
optimum prices is compliant with all AML guidelines.
risk reports to the top management.
z Proposing interest rate matrix to If there is any violation of activities of The Branch Anti Money Laundering
the ALCO TFO & TBO the mid office informs the Compliance Officer (BAMLCO) is
concerned department to take necessary accountable for AML compliance at
z Analyze various economic trends
measures. the respective branch. During the
and propose
year 2022, the bank arranged several
z Balance sheet strategy to the Treasury mid office ensures the following training courses on prevention of money
ALCO functions to manage foreign exchange laundering and combating financing of
z Quotation of various foreign risk in prudent manner and to achieve terrorism where executives/ officers of
exchange and interest rates to the organizational goal: the Bank attended.
customers z Limits monitoring and managing v) Information and Communication
z Dealing in foreign exchange for limit Technology (ICT) Risk
position covering as well as for z Adherence to various internal as In line with the key trends shaping
own account trading well as regulatory policies technology today, the bank has

rolled-out various initiatives leveraging The Bank has reviewed its ICT accountability. The ICC division is
mobility, digitalization and innovation in infrastructure and taken pragmatic steps conducting comprehensive internal
payments technology. to procure state of the art IT Security audit of the branches as well as
solutions (Hardware and Software) for different divisions/departments of
IFIC strictly adheres to the latest
implementation of multi-layer security head office in ongoing basis. The
guidelines provided by Bangladesh
with multiple security solutions for division reviews the activities of
Bank regarding ICT Security. The bank
Network, Mailing System, Web/ Internet branch’s Internal Control Unit (ICU)
develops its ICT policies to handle the
and the end users devices. The Business continuously through different control
ICT risk properly. ICT policy provides a
Continuity Plan (BCP) and Disaster processes to minimize irregularities &
framework for best practices that are
Recovery Plan have also been revised. lapses, to prevent fraud & forgery and
followed by all employees while also
The SWIFT payment channel has been to control existing & emerging risks.
ensuring overall data and information
reviewed and restructured through The significant deficiencies identified
assurance for the organization. It
separating its network connectivity from by the audit team are placed before
outlines the responsibilities and
Office LAN. Internet access of SWIFT the senior management as well as the
requirements of the bank and its
user PCs and file sharing with other PCs Audit Committee of the Board. Audit
employees with regards to its IT
have also been blocked. Several training Committee of the Board regularly
resources. The bank’s information
on ICT Security and risk management monitors the functions of ICC division
security team works prudently and
has been arranged throughout the year with their necessary suggestions/
manages ICT risks.
at the training institute of the bank and recommendations and also reports to
To strengthen ICT risk management abroad as part of awareness buildup the Board of Directors from time to
activities, the bank formed an ICT among the employees of the bank and time.
security committee headed by DMD & to ensure proper ICT risk management.
Risk Based Internal Audit (RBIA) is being
CRO. As the business processes and initiatives
carried out annually for risk profiling/risk
The role and responsibility of this ICT are now driven by IT, therefore, the bank
categorization of the branches based
security committee are as follows: continues IT up gradation to ensure
on the level of its various risks. Strong
sound and secure IT operation.
z Ensure development and monitoring & close supervision ensure
implementation of ICT security vi) Internal Control and Compliance functional efficiency of the branches
objectives, ICT security related (ICC) & different divisions/departments of
policies and procedures. IFIC bank has an internal control policy Head Office by maintaining control
approved by board. The bank’s sound environment at operational level.
z Providing ongoing management
internal control function plays an Compliance culture is developed
support to the Information security
important role in contributing to the by strict adherence to statutory &
processes.
effectiveness of the internal control regulatory requirement and also bank’s
z Ensure continued compliance with system. own policy & procedures. By enforcing
the business objectives, regulatory effective and sound internal control
and legal requirements related to The primary objective of internal control
system, ICC is performing its activity
ICT security. system of the bank is to perform in a
for further improvement of its activities
sound and prudent manner. Through
z Support to formulate ICT risk towards achieving the bank’s goal.
an effective internal control system, the
management framework/process bank identifies its operational weakness B. Other Risks
and to establish acceptable ICT risk and takes appropriate measures to
thresholds/ICT risk appetite and i) Liquidity Risk
overcome the same. The main objectives
assurance requirements. Bank Deposits generally have a much
of the internal controls are categorized
shorter contractual maturity than loans
z Periodic review and provide as follows:
and liquidity management needs to
approval for modification in ICT Operational Objectives: It relates
z provide a cushion to cover anticipated
security process. to the effectiveness and efficiency deposit withdrawals. Liquidity is the
There is also another committee named of the bank by using its assets and ability to efficiently accommodate
ICT Risk Management Committee others resources for achievement deposit as also reduction in liabilities and
comprising 8 members headed by DMD of the bank’s basic mission and to fund the loan growth and possible
& CRO. The committee is formed to look vision. funding of the off-balance sheet claims.
after the overall ICT risk. z Reporting objectives: It addresses The cash flows are placed in different
the preparation of timely, time buckets based on future likely
The Bank has scaled its technology
accurately and comprehensive behavior of assets, liabilities and off-
infrastructure to create a contemporary,
reporting in both internal and balance sheet items. The bank has ALM
secure and robust infrastructure and
external. policy approved by board. The treasury,
taken several initiatives to protect its
ALCO team and dedicated money
information assets from cyber threats. z Compliance Objective: It
market team of the bank manages
IFIC has established its Data Center demonstrates that all banking
liquidity of the bank properly to optimize
(DC) and Disaster Recovery Site (DRS) activities are performed in
return of the bank.
keeping in mind future expandability compliance with applicable rules
to meet emerging needs and for high and regulations of regulatory ii) Interest Rate Risk
availability. During setup of Data bodies, own policy, plan and IFIC manages its rate sensitive assets
Center, environmental security has procedures. and rate sensitive liabilities in proper
been provided highest priority. The way and always try to minimize gap of
The Internal Control & Compliance
Core Banking Software (CBS) has been the rate sensitive assets and liabilities
(ICC) Division is working independently
upgraded to its latest release to enhance to manage interest rate risk. The bank’s
to evaluate the Internal Control
existing features and functionalities and ALCO team continuously monitor
System of the bank so as to ensure
ensure transaction security. market interest rate and manages
good governance, transparency &

interest rate risk by setting interest rate or other costs. It includes adverse
of both asset and liability products. events related to ethics, safety, security, Internal Reporting
sustainability, quality, and innovation.
IFIC bank is following the below
IFIC is focused here as well. z BRMC’s directions to various
indicators of interest rate risk analysis &
divisions/departments
these are calculated on regular basis: vi) Compliance Risk:
The Bank is exposed to compliance z Board’s directions to various
z Net Interest Income
risk given that it is governed by local divisions/departments
z Net Interest Margin regulations as well as creditor covenants. z BB’s directions to various
z Interest Earning Asset to Total All the divisions/departments of IFIC are divisions/departments
Assets having significant awareness on this.
z Average Interest Rates of Loan Figure 5: RMD’s reportin
vii) Country Risk:
z Average Interest Rates of Deposit Country Risk is the risk of both on and Monthly Risk Management Report
off balance sheet exposures to loss (MRMR): The format of the report
z Value at Risk (VaR)
caused by events in a foreign country. is given by Bangladesh Bank which
z Sensitivity Analysis The concept is broader than Sovereign summarizes the regular information
z Maturity profile Analysis Risk, which is a sub-set of Country Risk, relevant to RMD.
iii) Equity Price Risk as all forms of lending or investment Comprehensive Risk Management
Equity risk is termed as losses incurring activity whether to/with individuals, Report (CRMR): This format is also
from changes in the market price of equity corporates, banks or governments given by Bangladesh Bank. It contains
held by a bank. To measure and identify are covered. IFIC Bank has significant much detail data and its frequency is
the risk, mark-to-market valuations of the awareness on this. half-yearly.
share investment portfolios are done. Basel reporting under Pillar I, II, III
IFIC bank has equity exposures and the Disclosure of Risk Reporting
bank is proactively managing the equity Pillar– 1: Minimum Capital
1. Reporting Categories: Requirement (MCR)
exposures by analyzing of both quoted
Risk reporting is a core element. The The MCR is a Basel prescribed minimum
and unquoted shares. The bank always
reports fully reflect the identified capital assessment process against
maintains the standard ratio of equity
problem areas. Reports are analyzed credit, market and operational risk of
investment set by BB.
with a view to improve existing risk the bank. The underlying assessment is
iv) Environmental and Social Risk management performance as well a mandatory requirement of the Central
Environmental and climate change as developing new risk management Bank and assessment are carried out
risk refers to the uncertainty of losses policies, procedures and practices. on quarterly basis. Regarding MCR
that may originate from any adverse calculation, Risk Management Division
RMD of IFIC prepares different regulatory
environmental/climate change events of the bank performs necessary analysis
and internal reports. Some of them are
and/or non-compliance with prevailing to understand the trend of MCR of
mentioned below:
environmental regulations. IFIC bank is the bank, develop necessary model to
always concentrated on environmental predict the overall MCR of the bank,
and social changes. Natural calamities Regulatory Reporting
place necessary recommendation for
tend to have a negative impact on the improvement.
bank’s business. IFIC bank deals with z Monthly Risk Management
such challenges proactively. Moreover, Report (MRMR) The snapshot on Basel report of last two
additional capital is allocated as per z Comprehensive Risk quarters are presented below:
the bank’s ICCAP by considering the Management Report (CRMR)
environmental and social risks.
z Basel reporting under Pillar I,
v) Reputational Risk II, III
Reputational risk is the possible loss of z Stress Testing
the organization’s reputational capital
resulting in decline of the organization’s z Risk Appetite Statement
overall value and/or increased regulatory
BDT in Million
Particulars Q3 2022 Q4 2022
Credit Risk 310,266 312,727
Market Risk 10,207 11,372
Operational Risk 13,351 14,465
Total RWA 333,824 338,564
Fully Paid-up Capital 17,859 17,859
Other Capital 8,868 9,835
Total Common Equity Tier (CET) -1 Capital 26,727 27,694
Additional Tier-1 Capital Nil Nil

BDT in Million
Particulars Q3 2022 Q4 2022
Total Tier-1 Capital 26,727 27,694
Total Tier-2 Capital 16,339 15,572
Total Capital Maintained 43,066 43,266
CRAR 12.90% 12.78%
Required Capital in % 12.50% 12.50%
Surplus/(Shortage) in % 0.40% 0.28%
Required Capital in Amount 41,728 42,321
Surplus/(Shortage) in Amount 1,338 946
Table 1: Data on Basel Reporting
Pillar – 2: Supervisory Review Process IFIC bank conducts stress testing and risk limit that helps to set ultimately
(SRP) on quarterly basis as per prescribed the risk strategies.
The Supervisory Review Process of the format of BB with a view to determine
Internal Core Risk Questionnaire:
risk-based capital adequacy framework sensitivity and stability of its capital
This is an internal reporting for
is intended to ensure that banks base. This technique is designed to
managing the core risk of the bank and
have adequate capital (in addition to ensure that the bank has enough capital
up gradation of the same.
capital requirement under Pillar- 1) to to meet unforeseen scenarios. The
support all the risks in the business following situations are considered Concluding Remarks
and, concurrently to encourage banks to assess the sensitivity of the bank’s Risk management in banking has been
to develop and utilize superior risk capital base with respect to each transformed and shaped over the past
management techniques in monitoring situation: decade. The main factor behind the
and managing risk. Importantly the z Performing loan directly change is in response to regulations
Supervisory Review Evaluation Process downgraded to BL: top sectoral that emerged from the global financial
(SREP) of Bangladesh Bank ensures a concentration 1 crisis. But as the nature of the banking
constant dialogue between itself and changes over the next decade, so the
the bank’s SRP team followed by the z Performing loan directly risk management need will be evolved
disclosure of findings/evaluation of the downgraded to BL: top sectoral accordingly. The boundary of Risk
bank’s ICAAP. IFIC Bank has an own concentration 2 Management Division is increasing
ICAAP Policy which was lastly approved z Increase in NPLs due to default of and in line with that IFIC RMD is
by the Board of Directors of the Bank in top large loan borrowers broadening its role as well. They are
the year 2022. z Negative shift in NPL categories getting armed with the right tools and
human resources to accelerate the risk
Pillar – 3: Market Discipline z Decrease in Forced Sale Value of
discovery as well as risk management
The purpose of Market discipline in the collateral
process to support the Board members
Revised Capital adequacy Framework Increase in NPLs
z to set the most appropriate risk appetite.
is to complement the minimum capital
z Interest rate shocks This risk appetite will be in line with the
requirements and the supervisory review
bank’s strategy. Thus the ultimate goal,
process. The aim of introducing Market z FEX shocks; and
maximizing shareholders wealth will be
discipline in the revised framework is z Equity shocks rightly achieved by IFIC Bank PLC.
to establish more transparent and more
disciplined financial market so that Stress testing is done assuming three
stakeholders can assess the position of different hypothetical scenarios
a bank regarding holding of assets and comprising:
to identify the risks relating to the assets i) Minor level shocks: The shock
and capital adequacy to meet probable parameters are specific for each
loss of assets. For the said purpose, factor and those are set by the
IFIC Bank developed a set of disclosure central bank.
containing the key pieces of information
on the assets, risk exposures, risk ii) Moderate level shocks: These
assessment processes, and hence the visualize medium level shocks and
capital adequacy to meet the risks. the level is defined in each risk
factor separately.
Stress Testing
Bangladesh Bank provides the specific iii) Major level shocks: These involve
templates for sensitivity analysis and big shocks to all the risk factors
duration gap analysis under stress and are also defined separately for
testing. IFIC conducts stress testing each risk factor.
that presents the effects of several Risk Appetite Statement
assumptions applied to measure the This is Bangladesh Bank’s format report.
capital base level in stressed scenarios. It defines the risk appetite, risk tolerance

Products and Services
Retail Products
Deposit Product Loan Product
CASA Term Deposit Scheme Deposit Aamar Bari
Aamar Rin
Aamar Account Fixed Deposit Aamar Bhobishawt Premium Overdraft
Monthly income Scheme
Shohoj Account Pension Saving Scheme (PSS)
(MIS)
Savings Account
Current Account
SME Products
Loan Products Deposit Products
SME Shohoj Rin Joma
IFIC Prantonari Orjon
Protyasha
Shilpo Shohay
Krishi Shipo
Banijjik Bastu Rin
Working Capital Loan
Easy Commercial Loan
Transport Loan
Bidders Loan
Contractors Loan
Letter of Guarantee
Letter of Credit
LIM
LTR
Agriculture Aamar Subornogram
Krishi Saranjam
Sech Saranjam
Sustainable Finance Green Earth

Financial
Statements

MOORE Gg. ‡R. Av‡e`xb GÛ ‡Kvs
Chartered Accountants
National Plaza, 3rd Floor
109 Bir Uttam C. R. Datta Road
Dhaka - 1205, Bangladesh
T +088 02-9632568, 02223366340
E [email protected]
www.mjabedin.com
Independent Auditor’s Report
To the Shareholders of IFIC Bank PLC
Report on the Audit of the Consolidated and Separate Financial Statements
Opinion
We have audited the consolidated financial statements of IFIC Bank PLC and its subsidiaries (the “Group”) as well as the separate
financial statements of IFIC Bank PLC (the “Bank”), which comprise the consolidated and separate balance sheets as at 31
December 2022 and the consolidated and separate profit and loss accounts, consolidated and separate cash flow statements and
consolidated and separate statements of changes in equity for the year then ended, and notes to the consolidated and separate
financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements of the Group and separate financial statements of the Bank
give a true and fair view of the consolidated financial position of the Group and the separate financial position of the Bank as at 31
December 2022, and of its consolidated and separate financial performance and its consolidated and separate cash flows for the
year then ended in accordance with International Financial Reporting Standards (IFRSs) as explained in note 2.1.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements section
of our report. We are independent of the Group and the Bank in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the guidelines issued by Bangladesh Securities and
Exchange Commission (BSEC) and Bangladesh Bank, and we have fulfilled our other ethical responsibilities in accordance with
IESBA Code and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated and separate financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
The key audit matter How the matter was addressed in our audit
1. Measurement of provision for loans and advances
The process of estimating provision for loans and advances We tested the design and operating effectiveness of key
associated with credit risk is judgmental and complex. While controls focusing on the following:
estimating such provisions certain judgmental factors need to z Credit monitoring and provisioning process;
be considered including:
z Identification of loss events, including early warning and
z Future business performance of the borrower; default warning indicators; and
z Key assumptions relating to further business performance z Review of quarterly Classification of Loans (CL)
of the borrower;
Our substantive procedures in relation to the provision for
z Market value of the collateral;
loans and advances portfolio comprised the following:
z Ability to repossess collateral; and
z Reviewed the adequacy of the companies general and
z Recovery rates. specific provisions;
Furthermore, these provisions are processed manually using z Assessed the methodologies on which the provision
the voluminous data extracted from the IT system of the Bank amounts based, recalculated the provisions and tested the
and following the instructions of Bangladesh Bank (the central completeness and accuracy of the underlying information;
bank of Bangladesh) issued time to time. and
Due to high level of judgment involved and using some manual
process in estimating the provision for loans and advances, we
considered this to be a key audit matter.
An independent member firm of

Moore Global Network Limited

MOORE Chartered Accountants
At year end the Group and the Bank reported total gross loans z Finally, assessed the appropriateness of disclosures
and advances of BDT 355,859 million (2021: BDT 306,333 against relevant accounting standards and Bangladesh
million) and BDT 354,454 million (2021: BDT 305,061 million) Bank guidelines.
respectively and provision for loans and advances of BDT
13,372 million (2021: BDT 10,356 million) and BDT 13,141
million (2021: BDT 10,125 million) respectively.
See note no 2.1, 2.2.1.3, 7 and 15 to the financial statements
2. Recognition of interest income from loans and advances
Recognition of interest income has significant and wide We tested the design and operating effectiveness of key
influence on financial statements. controls over recognition and measurement of interest on loans
and advances.
Recognition and measurement of interest income has
involvement of complex IT environment. We performed test of operating effectiveness on automated
control in place to measure and recognize interest income.
We identify recognition of interest income from loans and
advances as a key audit matter because this is one of the key We have also performed substantive procedure to check
performance indicators of the Bank and therefore there is an whether interest income is recognized completely and
inherent risk of fraud and error in recognition of interest by accurately.
management to meet specific targets or expectations.
We assessed the appropriateness and presentation of
See note no 2.1 and 26 to the financial statements disclosure against relevant accounting standards and
Bangladesh Bank guidelines.
3. Legal and Regulatory Matters
We focused on legal and regulatory matters because the We tested the design and operating effectiveness of key
Bank and its subsidiaries (the “Group”) operate in a legal controls over the legal provision and contingencies process.
and regulatory environment that is exposed to significant
We inquired to those charged with governance to obtain their
litigation and similar risks arising from disputes and regulatory
view on the status of all significant litigation and regulatory
proceedings. Such matters are subject to many uncertainties
matters.
and the outcome may be difficult to predict.
We inquired of the Bank’s internal legal counsel for all
These uncertainties inherently affect the amount and timing of
significant litigation and regulatory matters and inspected
potential outflows with respect to the provisions which have
internal notes and reports.
been established and other contingent liabilities.
We assessed the methodologies on which the provision
amounts are based, recalculated the provisions, and tested the
completeness and accuracy of the underlying information.
We also assessed the Group’s provisions and contingent
liabilities disclosure.
4. IT systems and controls
Our audit procedures have a focus on IT systems and controls We tested the design and operating effectiveness of the Bank’s
due to the business environment and changes to the IT IT access controls over the information systems that are critical
environment, the large volume of transactions processed in to financial reporting. We tested IT general controls (logical
numerous locations daily and the reliance on automated and IT access, changes management and aspects of IT operational
dependent manual controls. controls). This included:
Our areas of audit focus included user access management, z testing that requests for access to systems were
developer access to the production environment and changes appropriately reviewed and authorized
to the IT environment. These are key to ensuring IT dependent z testing the Bank’s periodic review of access rights
and application-based controls are operating effectively.
inspecting requests of changes to systems for appropriate
approval and authorization
Other Information
Management is responsible for the other information. The other information comprises the information included in the Annual
Report but does not include the consolidated and separate financial statements and our auditor’s report thereon. The Annual
Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.


In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit, or otherwise appears
to be materially misstated.
If, based on such work we perform, we conclude that there is a material misstatement of this other information, we are required to
communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate Financial
Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the consolidated financial statements of the Group and
the separate financial statements of the Bank in accordance with IFRSs as explained in note 2.1, and for such internal control as
management determines is necessary to enable the preparation of consolidated and separate financial statements that are free
from material misstatement, whether due to fraud or error. The Bank Company Act, 1991 and the Bangladesh Bank Regulations
require the Management to ensure effective internal audit, internal control and risk management functions of the Group and the
Bank. The Management is also required to make a self-assessment on the effectiveness of anti-fraud internal controls and report to
Bangladesh Bank on instances of fraud and forgeries.
In preparing the consolidated and separate financial statements, management is responsible for assessing the Group’s and the
Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Group and the Bank to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s and the Bank’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these consolidated and separate financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
z Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
z Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of the
Group.
z Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
z Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s and the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the consolidated and separate financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Bank to
cease to continue as a going concern.
z Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the
disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
z Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the consolidated and separate financial statements of the current year and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In accordance with the Companies Act, 1994, the Securities and Exchange Rules 2020, the Bank Company Act, 1991 and the rules
and regulations issued by Bangladesh Bank, we also report that:
i) we have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the
purposes of our audit and made due verification thereof;
ii) to the extent noted during the course of our audit work performed on the basis stated under the Auditors’ Responsibility section
in forming the above opinion on the consolidated financial statements of the Group and the separate financial statements of the
Bank and considering the reports of the Management to Bangladesh Bank on anti-fraud internal controls and instances of fraud
and forgeries as stated under the Management’s Responsibility for the financial statements and Internal Control:
a) internal audit, internal control and risk management arrangements of the Group as disclosed in the financial statements
appeared to be materially adequate;
b) nothing has come to our attention regarding material instances of forgery or irregularity or administrative error and
exception or anything detrimental committed by employees of the Group and its related entities.
iii) financial statements for the year ended 31 December 2022 of two of the subsidiaries namely, IFIC Securities Limited and
IFIC Investments Limited, have been audited by us, and the financial statements of the subsidiary IFIC Money Transfer (UK)
Limited has been audited by Ahmed & Co. (UK), and have been properly reflected in the consolidated financial statements;
iv) in our opinion, proper books of account as required by law have been kept by the Group and the Bank so far as it appeared
from our examination of those books;
v) the records and statements submitted by the branches have been properly maintained and consolidated in the financial
statements;
vi) the consolidated balance sheet and consolidated profit and loss account together with the annexed notes dealt with by the
report are in agreement with the books of accounts and returns;
vii) the expenditures incurred were for the purpose of the Bank’s business for the year;
viii) the consolidated financial statements of the Group and the separate financial statements of the Bank have been drawn up in
conformity with prevailing rules, regulations and accounting standards as well as with related guidance issued by Bangladesh
Bank;
ix) adequate provisions have been made for advance and other assets which are in our opinion, doubtful of recovery as explained
in Note 15.2.1;
x) the information and explanation required by us have been received and found satisfactory;
xi) we have reviewed over 80% of the risk weighted assets of the bank and spent over 4,800 person hours; and
xii) Capital to Risk-Weighted Asset Ratio (CRAR) has been maintained adequately during the year.
The engagement partner on the audit resulting in this independent auditor’s report is Hasan Mahmood FCA.
Dated, Dhaka Hasan Mahmood FCA, Partner

27 April 2023 Enrolment no: 564
M. J. Abedin & Co.
Firm Registration no: N/A
DVC: 2305020564AS921521


IFIC Bank PLC
Consolidated Balance Sheet
as at 31 December 2022
Amount in BDT
Particulars Note 31 December 2022 31 December 2021
PROPERTY AND ASSETS

Cash 3 31,593,213,516 25,065,301,074
Cash in hand (including foreign currency) 3.1 11,829,060,999 7,206,054,519
Balance with Bangladesh Bank and its agent bank(s) (including foreign 3.2 19,764,152,517 17,859,246,555
currency)
Balance with other banks and financial institutions 4 8,963,806,280 1,048,932,840

In Bangladesh 4.1 6,962,563,426 303,039,633
Outside Bangladesh 4 2,001,242,854 745,893,207
Money at call and on short notice 5 690,000,000 4,380,000,000
Investments 6 58,895,483,351 61,214,980,678

Government securities 6.1 44,618,830,186 48,724,679,719
Other investments 6.2 14,276,653,165 12,490,300,959
Loans and advances 7 355,858,871,517 306,333,354,843

Loans, cash credit, overdrafts etc. 7.1 332,876,481,759 287,762,185,345
Bills purchased and discounted 8 22,982,389,758 18,571,169,498
Fixed assets including premises, furniture and fixtures 9 9,303,138,276 7,966,754,765

Other assets 10 5,095,032,712 4,245,116,584
Non-banking assets 11 148,474,800 148,474,800
Total assets 470,548,020,452 410,402,915,585
LIABILITIES AND CAPITAL

Liabilities
Borrowing from other banks, financial institutions and agents 12 20,621,060,373 14,562,035,508
Subordinated debt 13 10,700,000,000 6,400,000,000
Deposits and other accounts 14 375,552,707,152 332,751,259,838

Current deposit and other accounts 148,580,323,584 124,268,243,060
Bills payable 2,457,173,551 2,455,215,075
Savings bank deposits 24,846,308,549 25,716,666,242
Fixed deposits 199,668,901,468 180,311,135,461
Other liabilities 15 30,065,238,822 26,453,296,458

Total liabilities 436,939,006,347 380,166,591,804
Capital/Shareholders’ equity
Paid up capital 16.2 17,859,109,390 17,008,675,610
Statutory reserve 17 8,672,124,215 7,757,784,033
General reserve 18 155,071,397 155,071,397
Revaluation reserve against securities 19 109,963,943 80,926,888
Revaluation reserve against fixed assets 20 96,309,954 96,309,954
Foreign currency translation reserve 20.a 7,557,895 76,565,511
Surplus in profit and loss account 22 6,708,860,161 5,060,974,278
Total shareholders’ equity 33,608,996,955 30,236,307,671
Non-controlling interest 23 17,150 16,111
Total equity 33,609,014,105 30,236,323,782
Total liabilities and equity 470,548,020,452 410,402,915,585

IFIC Bank PLC
Consolidated Balance Sheet
Amount in BDT
OFF-BALANCE SHEET ITEMS

Contingent liabilities 24 69,935,030,734 71,383,874,980
Acceptances and endorsements 24.1 39,758,619,159 28,484,724,497
Letters of guarantee 24.2 8,025,221,783 8,612,473,288
Irrevocable letters of credit 24.3 11,926,244,318 23,825,249,182
Bills for collection 24.4 10,224,945,474 10,461,428,013
Other contingent liabilities - -
Other commitments - -
Documentary credit and short term trade -related transactions - -
Forward assets purchased and forward deposit placed - -
Undrawn note issuance and revolving underwriting facilities - -
Undrawn formal standby facilities, credit lines and other commitments - -
Total off-balance sheet exposures including contingent liabilities 69,935,030,734 71,383,874,980
These financial reports should be read in conjunction with the annexed notes.
Managing Director & CEO Director Director Director
Dhaka, 27 April 2023 Hasan Mahmood FCA, Partner

Enrolment no: 564
M. J. Abedin & Co. Chartered Accountants
DVC No.: 2305020564AS921521

IFIC Bank PLC
Consolidated Profit and Loss Account
Amount in BDT
Particulars Note 2022 2021
Interest income 26 26,293,284,875 22,591,013,320

Interest paid on deposits, borrowings etc. 27 18,194,037,136 15,426,170,206
Net interest income 8,099,247,739 7,164,843,114
Investment income 28 3,395,287,838 4,369,456,343

Commission, exchange and brokerage 29 3,857,159,223 2,649,787,975
Other operating income 30 221,326,883 187,755,600
7,473,773,943 7,206,999,918
Total operating income 15,573,021,682 14,371,843,032
Salary and allowances 31 3,624,756,913 3,116,808,269

Rent, taxes, insurance, electricity etc. 32 898,236,041 709,050,031
Legal expenses 33 21,476,111 18,057,653
Postage, stamp, telecommunication etc. 34 231,721,873 118,248,961
Stationery, printing, advertisement etc. 35 511,013,400 386,496,624
Managing Director’s salary 36 25,128,053 22,952,775
Directors’ fees 37 4,257,600 4,346,400
Auditors’ fees 38 4,332,625 4,126,749
Depreciation and repair of bank’s assets 39 1,482,939,906 1,195,691,208
Other expenses 40 1,631,885,209 1,186,286,363
Total operating expenses 8,435,747,730 6,762,065,033
Operating profit 7,137,273,952 7,609,777,999
Share of profit of joint ventures/associates 40.a 58,926,798 256,382,220
Profit before provision 7,196,200,750 7,866,160,219
Provision for loans, investments & other assets 41
Provision for loans and advance 2,151,328,796 2,684,664,610
Provision for diminution in value of investments 15,953,403 4,002,860
Other provisions 49,464,436 13,957,367
Total provision 2,216,746,635 2,702,624,837
Profit/(Loss) before taxes 4,979,454,114 5,163,535,382
Provision for taxation 42
Current tax 2,835,201,785 2,712,105,506
Deferred tax expense/(income) (1,298,112,746) (89,790,868)
1,537,089,039 2,622,314,639
Net profit after taxation 3,442,365,075 2,541,220,743
Net profit after tax attributable to:

Equity holders of the Bank 3,442,364,036 2,541,217,648
Non-controlling interest 1,039 3,095
3,442,365,075 2,541,220,743
Profit available for appropriation:

Retained earnings brought forward from previous year 5,060,974,278 4,242,454,452
Add: Net profit after tax (attributable to equity holders of the Bank) 3,442,364,036 2,541,217,648
8,503,338,314 6,783,672,100
Appropriations:
Statutory reserve 914,340,182 893,008,180
Start-up fund 29,704,190 19,752,712
Dividend 850,433,780 809,936,930
1,794,478,152 1,722,697,822
Retained surplus 6,708,860,162 5,060,974,278
Earnings Per Share (EPS) 50 1.93 1.42


Enrolment no: 564
DVC No.: 2305020564AS921521
IFIC Bank PLC
Consolidated Cash Flow Statement
Amount in BDT
A. Cash flows from operating activities

Interest received 29,919,554,178 24,954,551,561
Interest payments (17,641,097,651) (15,907,447,590)
Dividend received 232,355,797 195,329,961
Fees and commission received 3,857,159,223 2,649,787,975
Recoveries of loans and advances previously written-off 852,890,685 220,307,550
Cash payments to employees (3,587,764,966) (2,839,973,044)
Cash payments to suppliers (628,829,463) (350,074,834)
Income taxes paid (2,549,487,761) (2,098,978,203)
Receipts from other operating activities 43 234,857,145 1,579,971,629
Payments for other operating activities 44 (3,512,141,332) (2,672,617,123)
Operating cash flows before changing in operating assets and liabilities 7,177,495,855 5,730,857,882
Increase/(decrease) in operating assets and liabilities

Statutory deposits - -
Purchase/sale of trading securities 2,867,725,460 7,673,478,939
Loans and advances to other banks - -
Loans and advances to customers (50,610,546,498) (43,536,172,393)
Other assets 45 (28,670,905) 571,363,867
Deposits from other banks (1,341,378,386) 5,815,211,891
Deposits from customers 43,756,746,251 31,210,269,701
Other liabilities 46 316,708,189 (120,622,535)
(5,039,415,890) 1,613,529,470
Net cash flows from/(used in) operating activities 2,138,079,965 7,344,387,352
B. Cash flows from investing activities

Net proceeds/(payments) from sale/(purchase) of Government securities 1,268,139,327 (9,445,801,841)
Net proceeds/(payments) from sale/(purchase) of securities (1,727,425,408) (1,113,270,011)
Purchase of property, plant & equipment (1,868,321,488) (1,219,183,241)
Proceeds from sale of property, plant & equipment 3,978,492 215,368,146
Net cash flows from/(used in) investing activities (2,323,629,077) (11,562,886,948)
C. Cash flows from financing activities

Borrowing from other banks, financial institutions and agents 10,359,024,865 5,840,241,496
Payment against lease obligation - (79,987)
Net cash flows from/(used in) financing activities 10,359,024,865 5,840,161,509
D. Net increase/(decrease) in cash (A+B+C) 10,173,475,753 1,621,661,914
E. Effects of exchange rate changes on cash and cash equivalents 579,799,230 (22,301,845)
F. Opening balance of cash and cash equivalents 30,497,530,113 28,898,170,044
G. Closing balance of cash and cash equivalents (D+E+F) 41,250,805,096 30,497,530,113
Closing cash and cash equivalents 47

Cash in hand 11,829,060,999 7,206,054,519
Balance with Bangladesh Bank and its agents bank 19,764,152,517 17,859,246,555
Balance with other banks and financial institutions 8,963,806,280 1,048,932,840
Money at call and on short notice 690,000,000 4,380,000,000
Prize bonds 3,785,300 3,296,200
41,250,805,096 30,497,530,113

164
IFIC Bank PLC
Consolidated Statement of Changes in Equity
Amount in BDT
Revaluation Revaluation Foreign currency Surplus in Non-
Statutory General
Particulars Paid up capital reserve against reserve against translation profit and loss controlling Total
reserve reserve
securities fixed assets reserve account interest
Annual Report 2022

Balance as at 1 January 2022 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 76,565,511 5,060,974,278 16,111 30,236,323,782
Impact of changes in accounting policy - - - - - - - - -
Restated balance as at 1 January 2022 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 76,565,511 5,060,974,278 16,111 30,236,323,782
Surplus/(deficit) on account of revaluation of investments - - - 29,037,055 - - - - 29,037,055
Effect of foreign currency translation - - - - - (69,007,616) - - (69,007,616)
Net gain and losses not recognized in the profit and loss account 17,008,675,610 7,757,784,033 155,071,397 109,963,943 96,309,954 7,557,895 5,060,974,278 16,111 30,196,353,221
Net profit for the year - - - - - - 3,442,364,036 1,039 3,442,365,075
Bonus share issued for the year 2021 850,433,780 - - - - - (850,433,780) - -
Transfer to Start-up fund - - - - - - (29,704,190) (29,704,190)
Transfer to statutory reserve - 914,340,182 - - - - (914,340,182) - -
Balance as at 31 December 2022 17,859,109,390 8,672,124,215 155,071,397 109,963,943 96,309,954 7,557,895 6,708,860,161 17,150 33,609,014,105
Balance as at 1 January 2021 16,198,738,680 6,864,775,853 155,071,397 107,849,126 96,309,954 134,088,406 4,248,076,927 7,016 27,804,917,359
Impact of changes in accounting policy - - - - - - - - -
Restated balance as at 1 January 2021 16,198,738,680 6,864,775,853 155,071,397 107,849,126 96,309,954 134,088,406 4,248,076,927 7,016 27,804,917,359
Surplus/(deficit) on account of revaluation of investments - - - (26,922,238) - - - - (26,922,238)
Effect of foreign currency translation - - - - - (57,522,895) - - (57,522,895)
Net gain and losses not recognized in the profit and loss account 16,198,738,680 6,864,775,853 155,071,397 80,926,888 96,309,954 76,565,511 4,248,076,927 7,016 27,720,472,226
Addition during the year - - - - - - - 6,000 6,000
Net profit for the year - - - - - - 2,541,217,648 3,095 2,541,220,743
Bonus share issued for the year 2020 809,936,930 - - - - - (809,936,930) - -
Transfer to Start-up fund - - - - - - (25,375,187) - (25,375,187)
Transfer to statutory reserve - 893,008,180 - - - - (893,008,180) - -
Balance as at 31 December 2021 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 76,565,511 5,060,974,278 16,111 30,236,323,782
Back to Content
IFIC Bank PLC
Balance Sheet
Amount in BDT
PROPERTY AND ASSETS

Cash 3 31,593,152,205 25,065,189,007
Cash in hand (including foreign currency) 3.1 11,828,999,688 7,205,942,452
Balance with Bangladesh Bank and its agent bank(s) (including foreign 3.2 19,764,152,517 17,859,246,555
currency)
Balance with other banks and financial institutions 4 8,935,036,091 1,028,492,775

In Bangladesh 4.1 6,964,083,717 303,970,186
Outside Bangladesh 4 1,970,952,374 724,522,589
Money at call and on short notice 5 690,000,000 4,380,000,000
Investments 6 52,749,089,960 55,611,867,850

Government securities 6.1 44,618,830,186 48,724,679,719
Other investments 6.2 8,130,259,774 6,887,188,131
Loans and advances 7 354,454,273,864 305,061,349,869

Loans, cash credit, overdrafts etc. 7.1 331,471,884,106 286,490,180,371
Bills purchased and discounted 8 22,982,389,758 18,571,169,498
Fixed assets including premises, furniture and fixtures 9 9,266,829,299 7,922,878,221

Other assets 10 7,435,856,771 6,659,256,586
Non-banking assets 11 148,474,800 148,474,800
Total assets 465,272,712,989 405,877,509,108

Liabilities
Borrowing from other banks, financial Institutions and agents 12 20,621,060,373 14,562,035,508
Subordinated debt 13 10,700,000,000 6,400,000,000
Deposits and other accounts 14 375,584,475,522 333,142,132,175

Current deposit and other accounts 148,611,910,560 124,658,938,392
Bills payable 2,457,173,551 2,455,215,075
Savings bank deposits 24,846,308,549 25,716,666,242
Fixed deposits 199,669,082,862 180,311,312,466

Total liabilities 435,182,037,063 378,756,585,087
Paid up capital 16.2 17,859,109,390 17,008,675,610
Statutory reserve 17 8,637,619,318 7,757,784,033
General reserve 18 155,071,397 155,071,397
Revaluation reserve against securities 19 109,963,943 80,926,888
Revaluation reserve against fixed assets 20 96,309,954 96,309,954
Surplus in profit and loss account 21 3,232,601,924 2,022,156,139
Total shareholders’ equity 30,090,675,926 27,120,924,021
Total liabilities and shareholders’ equity 465,272,712,989 405,877,509,108

IFIC Bank PLC
Balance Sheet
Amount in BDT
OFF-BALANCE SHEET ITEMS

Contingent liabilities 24 69,935,030,734 71,383,874,980
Acceptances and endorsements 39,758,619,159 28,484,724,497
Letters of guarantee 8,025,221,783 8,612,473,288
Irrevocable letters of credit 11,926,244,318 23,825,249,182
Bills for collection 10,224,945,474 10,461,428,013
Other contingent liabilities - -
Other commitments - -
Documentary credit and short term trade -related transactions - -
Forward assets purchased and forward deposit placed - -
Undrawn note issuance and revolving underwriting facilities - -
Undrawn formal standby facilities, credit lines and other commitments - -
-
Total off-balance sheet exposures including contingent liabilities 69,935,030,734 71,383,874,980

Enrolment no: 564
DVC No.: 2305020564AS921521

IFIC Bank PLC
Profit and Loss Account
Amount in BDT
Interest income 26 26,012,333,555 22,346,622,480

Interest paid on deposits, borrowings, etc. 27 18,198,257,752 15,432,682,362
Net interest income 7,814,075,803 6,913,940,118
Investment income 28 3,259,631,140 4,191,471,146

Commission, exchange and brokerage 29 3,657,048,093 2,551,897,596
Other operating income 30 216,664,448 179,627,407
7,133,343,681 6,922,996,149
Total operating income 14,947,419,484 13,836,936,267
Salary and allowances 31 3,592,564,070 3,090,779,799

Rent, taxes, insurance, electricity, etc. 32 891,412,324 705,060,401
Legal expenses 33 16,285,567 15,990,974
Postage, stamp, telecommunication, etc. 34 230,750,879 117,673,008
Stationery, printing, advertisement, etc. 35 510,528,900 385,899,940
Managing Director’s salary 36 25,128,053 22,952,775
Directors’ fees 37 3,360,000 2,736,000
Auditors’ fees 38 4,025,000 3,833,333
Depreciation and repair of bank’s assets 39 1,471,901,607 1,184,613,726
Other expenses 40 1,599,033,071 1,139,730,572
Total operating expenses 8,344,989,471 6,669,270,529
Profit/(Loss) before provision 6,602,430,013 7,167,665,738
Provision for loans, investments and other assets 41
Provision for loans and advance 2,151,328,796 2,684,664,610
Provision for diminution in value of investments 2,460,354 4,002,860
Other provisions 49,464,436 13,957,367
Total Provision 2,203,253,586 2,702,624,837
Profit/(Loss) before taxes 4,399,176,427 4,465,040,901
Provision for taxation 42
Current tax 2,726,461,102 2,578,825,776
Deferred tax expense/(income) (1,297,703,716) (89,056,092)
1,428,757,387 2,489,769,685
Net profit after taxation 2,970,419,040 1,975,271,216
Retained earnings brought forward from previous year 2,022,156,139 1,769,582,745

4,992,575,179 3,744,853,962
Appropriations
Statutory reserve 879,835,285 893,008,180
Start-up fund 29,704,190 19,752,712
Dividend 850,433,780 809,936,930
1,759,973,255 1,722,697,822
Retained surplus 3,232,601,924 2,022,156,139

Enrolment no: 564
DVC No.: 2305020564AS921521
IFIC Bank PLC
Separate Cash Flow Statement
Amount in BDT
A. Cash flows from operating activities

Interest received 29,729,065,958 24,874,442,154
Interest payments (17,645,318,267) (15,913,959,746)
Dividend received 125,817,064 250,773,401
Fees and commission received 3,657,048,093 2,551,897,596
Recoveries of loans and advances previously written-off 852,890,685 220,307,550
Cash payments to employees (3,556,692,123) (2,813,732,574)
Cash payments to suppliers (599,437,361) (392,613,308)
Income taxes paid (2,445,321,941) (2,017,917,796)
Receipts from other operating activities 43 220,216,745 1,338,414,799
Payments for other operating activities 44 (3,466,199,135) (2,619,154,117)
Operating cash flows before changing in operating assets and liabilities 6,872,069,719 5,478,457,959
Increase/(decrease) in operating assets and liabilities
Statutory deposits - -
Purchase/sale of trading securities 2,867,725,460 7,673,478,939
Loans and advances to other banks - -
Loans and advances to customers (50,395,087,347) (43,329,432,564)
Other assets 45 (70,097,194) (273,987,536)
Deposits from other banks (1,341,378,386) 5,815,211,891
Deposits from customers 43,396,121,993 31,572,754,722
Other liabilities 46 316,405,090 (15,170,583)
(5,226,310,384) 1,442,854,869
B. Cash flows from investing activities

Net proceeds/(payments) from sale/(purchase) of Government securities 1,268,139,327 (9,445,801,841)
Net proceeds/(payments) from sale/(purchase) of securities (1,243,071,643) (1,144,194,515)
Purchase of property, plant & equipment (1,868,321,488) (1,207,671,215)
Proceeds from sale of property, plant & equipment 3,978,492 215,368,146
Investment in subsidiary - (399,994,000)
Net cash flows from/(used in) investing activities (1,839,275,312) (11,982,293,425)
C. Cash flows from financing activities

Borrowing from other banks, financial institution and agents 10,359,024,865 5,840,241,496
Payment against lease obligation - (79,987)
Net cash flows from/(used in) financing activities 10,359,024,865 5,840,161,509
D. Net increase/(decrease) in cash (A+B+C) 10,165,508,888 779,180,913
E. Effects of exchange rate changes on cash and cash equivalents 579,486,725 (23,572,870)
F. Opening balance of cash and cash equivalents 30,476,977,982 29,721,369,939
G. Closing balance of cash and cash equivalents (D+E+F) 41,221,973,595 30,476,977,982
Closing cash and cash equivalents 47

Cash in hand 11,828,999,688 7,205,942,452
Balance with Bangladesh Bank and its agents bank 19,764,152,517 17,859,246,555
Balance with other banks and financial institutions 8,935,036,091 1,028,492,775
Money at call and on short notice 690,000,000 4,380,000,000
Prize bonds 3,785,300 3,296,200
41,221,973,595 30,476,977,982
The reconciliation of cash flows from operating activities (solo basis) has been disclosed in note 48 of these financial statements.

IFIC Bank PLC
Separate Statement of Changes in Equity
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Amount in BDT
Revaluation Revaluation
Statutory General Surplus in profit
Particulars Paid up capital reserve against reserve against Total
reserve reserve and loss account
securities fixed assets
Balance as at 1 January 2022 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 2,022,156,139 27,120,924,021
Impact of changes in accounting policy - - - - - - -
Restated balance as at 1 January 2022 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 2,022,156,139 27,120,924,021
Surplus/deficit on account of revaluation of investments - - - 29,037,055 - - 29,037,055
Net gain and losses not recognized in the income statement 7,008,675,610 7,757,784,033 155,071,397 109,963,943 96,309,954 2,022,156,139 27,149,961,076
Net profit for the year - - - - - 2,970,419,040 2,970,419,040
Bonus share issued for the year 2021 850,433,780 - - - (850,433,780) -
Transfer to Start-up fund - - - - - (29,704,190) (29,704,190)
Transfer to statutory reserve - 879,835,285 - - - (879,835,285) -
Balance as at 31 December 2022 17,859,109,390 8,637,619,318 155,071,397 109,963,943 96,309,954 3,232,601,924 30,090,675,926
Balance as at 1 January 2021 16,198,738,680 6,864,775,853 155,071,397 107,849,126 96,309,954 1,775,205,220 25,197,950,230
Impact of changes in accounting policy - - - - - - -
Restated balance as at 1 January 2021 16,198,738,680 6,864,775,853 155,071,397 107,849,126 96,309,954 1,775,205,220 25,197,950,230
Surplus/deficit on account of revaluation of investments - - - (26,922,238) - - (26,922,238)
Net gain and losses not recognized in the income statement 16,198,738,680 6,864,775,853 155,071,397 80,926,888 96,309,954 1,775,205,220 25,171,027,992
Net profit for the year - - - - - 1,975,271,216 1,975,271,216
Bonus share issued for the year 2020 809,936,930 - - - - (809,936,930) -
Transfer to Start-up fund - - - - - (25,375,187) (25,375,187)
Transfer to statutory reserve - 893,008,180 - - - (893,008,180) -
Annual Report 2022

Balance as at 31 December 2021 17,008,675,610 7,757,784,033 155,071,397 80,926,888 96,309,954 2,022,156,139 27,120,924,021
169
170
IFIC Bank PLC
Liquidity Statement
Maturity Analysis of Assets and Liabilities
Amount in BDT
Maturity Period
Annual Report 2022

Particulars Total
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Above 5 years
Assets
Cash in hand (including Bangladesh Bank) 16,263,834,318 57,400,444 57,400,444 - 15,214,517,000 31,593,152,205
Balance with other banks and financial institutions 2,768,181,424 6,000,000,000 166,854,667 - - 8,935,036,091
Money at call and on short notice 690,000,000 - - - - 690,000,000
Investment 1,073,466,078 1,151,829,427 7,737,398,680 21,307,410,277 21,478,985,498 52,749,089,960
Loans and advances 78,108,590,620 25,454,574,422 60,922,425,165 79,923,887,636 110,044,796,020 354,454,273,864
Fixed assets including premises, furniture and fixture - 926,682,930 1,390,024,395 3,706,731,720 3,243,390,255 9,266,829,299
Other assets 494,979,591 1,677,772,107 412,482,993 2,220,646,082 2,629,975,999 7,435,856,771
Non-banking assets - - - 148,474,800 - 148,474,800
Total assets 99,399,052,032 35,268,259,329 70,686,586,343 107,307,150,514 152,611,664,771 465,272,712,989
Liabilities
Subordinated debt - - 700,000,000 7,000,000,000 3,000,000,000 10,700,000,000
Borrowing from other banks, financial institutions and

5,835,036,623 7,880,731,267 6,735,538,735 169,753,749 - 20,621,060,374
agents
Deposits and other accounts 68,042,759,660 83,772,722,898 68,237,874,968 41,295,783,604 114,235,334,393 375,584,475,522
Other liabilities 2,629,572,043 710,968,874 5,016,149,692 2,489,976,320 17,429,834,239 28,276,501,168
Total liabilities 76,507,368,326 92,364,423,038 80,689,563,395 50,955,513,673 134,665,168,632 435,182,037,063
Net liquidity 22,891,683,706 (57,096,163,709) (10,002,977,051) 56,351,636,841 17,946,496,139 30,090,675,926
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Notes to the Financial Statements
As at and for the year ended 31 December 2022
1. Reporting Entity 1.3.3. IFIC Investment Limited [IFICIL]

IFIC Investment Limited, a fully owned subsidiary company of
1.1. IFIC Bank PLC IFIC Bank PLC was incorporated as a public limited company.
IFIC Bank PLC, previously known as International Finance IFICIL obtained full-fledge Merchant Banker Registration
Investment and Commerce Bank Limited (hereinafter referred Certificate from Bangladesh Securities & Exchange Commission
to as “the Bank” / “IFIC Bank”), started its journey in 1976 at (BSEC) on 19 October 2021. The main objectives of this
the instance of the Government as a joint venture between the subsidiary are Issue Management, Underwriting & Portfolio
Government of Bangladesh and sponsors in the private sector Management activities. The registered office of IFICSL located
with the objective of working as a finance company within the at IFIC Tower, 61, Purana Paltan, Dhaka – 1000.
country and setting up joint venture banks/financial institutions
aboard. In 1983 when the Government allowed to open up 1.4. Associates of the Bank
banking in the private sector, the finance company was converted 1.4.1. Oman Exchange LLC, Oman
into a full fledge commercial bank. Currently the Government of Oman Exchange LLC, an exchange company incorporated under
the People’s Republic of Bangladesh holds 32.75% of the share the laws of the Sultanate of Oman in 1985 as a joint venture
capital of the Bank. between IFIC Bank and Omani Nationals. The principal activities
Its shares are listed with Dhaka Stock Exchange Limited and of the company is, to remit/transfer money/fund to the different
Chittagong Stock Exchange Limited. The Bank has 169 branches, parts of the world including Bangladesh and related services.
1,043 Uposhakhas [sub-branches] and 40 ATM booths with 59 IFIC holds 49% shares of Oman Exchange LLC and the rest 51%
ATMs as at 31 December 2022. shares is held by the Omani sponsors. The registered office is
located Building no. 4699, Way no. 4567, Hamriya, PO Box
The principal activities of the Bank are to provide all types of 114, Post code 994, Hey Al Mina, Hamriya, Muscat, Sultanate
commercial banking services, within the stipulations laid down by of Oman.
the Banking Companies Act 1991 as amended and directives as
received from Bangladesh Bank and other regulatory authorities 1.5. Investment in overseas
from time to time, through its Branches, Uposhakhas [sub- 1.5.1 MCB Bank Ltd, Pakistan
branches] and Alternative Delivery Channels like ATM Booths MCB Bank Limited is one of the largest Banks in Pakistan listed
and Internet Banking, Digital Channel etc. in Pakistan Stock Exchange. IFIC Bank had two branches in
1.2. Off-shore Banking Unit (OBU) Pakistan, one at Karachi (in 1987) and the other at Lahore (in
Off-shore Banking Unit (OBU) is a separate business unit of IFIC 1993). IFIC Pakistan operation was merged with NDLC on 02
Bank PLC. The Bank obtained permission for OBU operations October 2003 and renamed it NDLC-IFIC Bank PLC. It was
from Bangladesh Bank vide its letter no. BRPD (P-3) 744 subsequently renamed as NIB Bank Limited with effect from 28
(104)/2009-4233 dated 17 November 2009 and commenced November 2005. In 2017 NIB Bank Limited merged with MCB
its operation from 10 May 2010. The operation of OBU is Bank Limited and IFIC’s holding diluted significantly due to this
governed under prudential regulations of Bangladesh Bank and merger. Now IFIC holds very minimal share in MCB Bank Limited.
solo basis Financial Statements of the Bank have been prepared 1.5.2 Nabil Bank Limited, Nepal
treating OBU as a business line in equivalent Bangladeshi Taka Nepal Bangladesh Bank Limited (NBBL), a joint venture
as per BRPD circular no 2 dated 25 February 2019, a separate commercial bank between IFIC Bank PLC and the Nepali
Financial Statements has been prepared for OBU which are Nationals, started its operation with effect from 06 June 1994
shown in Annexure-L. in Nepal with 50% equity from IFIC Bank PLC and lastly it was
1.3. Subsidiaries of the Bank 40.91%.As a part of strategic decision of the Bank, the Board of
Director of the Bank has decided to withdrawal the investment
1.3.1. IFIC Securities Limited [IFICSL] from Nepal by selling of entire shares of NBBL held by IFIC Bank
IFIC Securities Limited, a fully owned subsidiary company of IFIC PLC as Promoter and to return the fund to Bangladesh. As part
Bank PLC was incorporated as a public limited company. The of this process, NBBL has been merged with Nabil Bank Limited
main objectives of this company are buying, selling and settling (NBL) of Nepal on 11 July 2022 with a Share Swap Ratio of
of securities on behalf of investors and its own portfolio as well (1:0.43) i.e. 0.43 shares of NBL for every share of NBBL. Upon
as other related services. The registered office of IFICSL located this convergence process, IFIC holds 7.77% shares of NBL As
at IFIC Tower, 61, Purana Paltan, Dhaka – 1000. per Share Purchase Agreement (SPA) made by and between IFIC
1.3.2. IFIC Money Transfer (UK) Limited Bank PLC and Ms. Sarika Chaudhary, a Promoter Shareholder of
IFIC Money Transfer (UK) Limited is a fully owned subsidiary Nabil Bank Limited and as per Final Agreement for acquisition
of IFIC Bank incorporated as a private limited company with approved by Nepal Rastra Bank and Office of Company Registrar
Companies House of England and Wales under registration of Nepal, till materialization of SPA, one Director has been
no. 07379137 on 16 September 2010 and got registration nominated to Nabil Bank for representing IFIC Bank PLC.
from HM Customs and Excise on 17 January 2011 under
Money Laundering Regulation. The company got registration 2. Basis of Preparation and Significant Accounting
from Financial Conduct Authority (FCA) [previously it was Policies
Financial Services Authority (FSA)] on 16 June 2011 under
Payment Services Regulations 2009. The company commenced 2.1 Basis of preparation
its operation on 31 August 2011. The registered office of the 2.1.1 Statement of compliance
company is located at Ferrari House, 2nd Floor, 102 College The Financial Reporting Act 2015 (FRA) was enacted in 2015.
Road, Harrow, Middlesex, United Kingdom HAI IES, London, Under the FRA, the Financial Reporting Council (FRC) is
UK. The principal activities of the company is remitting/transfer formed in 2017 and has since then adopted the International
money and related services on behalf of its customers.

Accounting Standards (IAS) International Financial Reporting iii. Repo and reverse repo transactions
Standards (IFRS) as the applicable Financial Reporting Standards IAS/IFRS: As per IFRS 9: Financial Instruments, when an
with effect from 2 November 2020 entity sells a financial asset and simultaneously enters into
an agreement to repurchase the asset (or a similar asset)
Accordingly, the Financial Statements of the Bank have been
at a fixed price on a future date (repo), the arrangement
prepared in accordance with International Financial Reporting
is treated as a loan and the underlying asset continues to
Standards (IFRS), International Accounting Standards (IAS)
be recognized at amortized cost in the entity’s financial
and the requirements of the Banking Companies Act 1991
statements. The difference between selling price and
(as amended up to date), the rules and regulations issued by
repurchase price will be treated as interest expense. The
Bangladesh Bank, the Companies Act 1994, the Securities and
same rule applies to the opposite side of the transaction
Exchange Rules 2020 and other applicable laws and regulations.
(reverse repo).
In case any requirement of the Banking Companies Act 1991
Bangladesh Bank: As per DOS circular letter no. 6 dated
and provisions and circulars issued by Bangladesh Bank differ
15 July 2010 and subsequent clarification in DOS circular
with those of IFRSs and IASs, the requirement of the Banking
no. 2 dated 23 January 2013, when a bank sells a financial
Companies Act 1991 and provisions and circulars issued by
asset and simultaneously enters into an agreement to
Bangladesh Bank shall prevail.
repurchase the asset (or a similar asset) at a fixed price
Material departures from the requirements of IFRS in preparing on a future date (repo or stock lending), the arrangement
these financial statements are as follows: is accounted for as a normal sales transaction and the
i. Investment in shares and securities financial asset is derecognized in the seller’s book and
IAS/IFRS: As per requirements of IFRS 9: Financial recognized in the buyer’s book. In addition to that as per
Instruments, classification and measurement of investment DMD circular letter no. 7 dated 29 July 2012, non-primary
in shares and securities will depend on the entity’s business dealer banks are eligible to participate in the Assured
model and its contractual cash flow characteristics. Based Liquidity Support (ALS), whereby such banks may carry out
on these factors it would generally fall either under “at fair collateralized repo arrangements with Bangladesh Bank.
value through profit and loss account” or under “at fair Here the selling bank accounts for the arrangement as a
value through other comprehensive income” where any loan, thereby continuing to recognize the asset.
change in the fair value (as measured in accordance with iv. Provision on loans and advances/investments
IFRS 13: Fair Value Measurement) at the period-end is IAS/IFRS: As per IFRS 9: Financial Instruments, an
taken to profit and loss account or other comprehensive entity shall recognize an impairment allowance on loans
income, respectively. and advances based on expected credit losses. At each
Bangladesh Bank: As per Banking Regulation & Policy reporting date, an entity shall measure the impairment
Department (BRPD) circular no. 14 dated 25 June 2003 allowance for loans and advances at an amount equal to
investments in quoted shares and unquoted shares the lifetime expected credit losses if the credit risk on
are revalued on the basis of period end market price these loans and advances has increased significantly since
and Net Assets Value (NAV) of last audited balance initial recognition whether assessed on an individual or
sheet, respectively. In addition to that Department of collective basis considering all reasonable information,
Of-site Supervision (DOS) of Bangladesh Bank vide its including that which is forward-looking. For those loans
circular letter no. 03 dated 12 March 2015 directed that and advances for which the credit risk has not increased
investment in mutual fund (closed end) will be revalued significantly since initial recognition, at each reporting date,
at lower of cost and (higher of marker value and 85% of an entity shall measure the impairment allowance at an
NAV). Provision should be made for any loss arising from amount equal to 12 month expected credit losses that may
diminution in value of investment on portfolio basis; result from default events on such loans and advances that
otherwise investments are recognized at cost. are possible within 12 months after reporting date.
ii. Revaluation gains/losses on Government securities Bangladesh Bank: As per BRPD circular no. 14 dated 23
IAS/IFRS: As per requirement of IFRS 9: Financial September 2012, BRPD circular no. 5 dated 29 May 2013,
Instruments, where securities will fall under the category BRPD circular no. 15 dated 27 September 2017, BRPD
of ‘fair value through profit or loss account’, any change circular no. 1 dated 20 February 2018 and BRPD circular
in the fair value of assets is recognized through the profit No. 3 dated 21 April 2019 a general provision at 0.25% to
and loss account. Securities designated as amortized cost 5% under different categories of unclassified/standard loans
are measured at effective interest rate method and interest has to be maintained regardless of objective evidence of
income is recognized through the profit and loss account. impairment. Also provision for sub-standard loans, doubtful
loans and bad & loss loans has to be provided at 20%, 50%
Bangladesh Bank: Held for Trading (HFT) securities are and 100% respectively depending on the duration of past
revalued on the basis of mark to market and at year end due of loans and advances. Again general provision at 1% is
any gains on revaluation of securities which have not required to be provided for off-balance sheet exposures as
matured as at the balance sheet date to be recognized per BRPD circular no. 14 dated 23 September 2012, BRPD
as other reserves in equity. Any losses on revaluation of circular no. 7 dated 21 June 2018 and BRPD circular no. 13
securities which have not matured as at the balance sheet dated 18 October 2018. As per BRPD circular no. 15 dated
date are charged in the profit and loss account. Interest 27 September 2017 provision for Short-Term Agricultural
on HFT securities including amortization of discount are and Micro-Credits has to be provided at the rate of 5% for
recognized in the profit and loss account. Held to Maturity ‘sub-standard’ and ‘doubtful’ loans and at the rate of 100%
(HTM) securities which have not matured as at the balance provision for the ‘bad/Loss’ loans. As per BRPD circular no.
sheet date are amortized at year end and gains or losses 4 dated 29 January 2015, 1% additional provision has to be
on amortization are recognized in other reserve as part of maintained for large restructured loan and the facilities for
equity. which payment was deferred during the year 2020 due to

COVID-19 pandemic under purview of BRPD Circular No. ix. Cash and cash equivalent
56 dated 10 December 2020 and additional 2% provision IAS/IFRS: Cash and cash equivalents items should be
has to maintained in year 2022 as per BRPD Circular No. reported as cash item as per IAS 7: Statement of Cash
53 dated 22 December 2022, moreover in case of CMSME Flows.
applicable additional provision will be 1%. As per BRPD 16
Bangladesh Bank: Some cash and cash equivalent items
dated 18 July 2022, Master Circular on Loan Rescheduling
such as ‘money at call and on short notice’, treasury bills,
and Restructuring, also give directives to maintain provision
Bangladesh Bank bills and prize bond are not shown as cash
on recovery basis. Such provision policies are not specifically
and cash equivalents. Money at call and on short notice
in line with those prescribed by IFRS 9.
presented on the face of the balance sheet. Treasury bills,
v. Recognition of interest in suspense Bangladesh Bank bills and prize bonds are shown under
IAS/IFRS: Loans and advances to customers are generally investments in the balance sheet. However, in the Cash
classified at amortized cost as per IFRS 9 and interest Flow Statement, money at call and on short notice and prize
income is recognized by using the effective interest rate bonds are shown as cash and cash equivalents beside cash
method to the gross carrying amount over the term of the in hand, balance with Bangladesh Bank and other banks.
loan. Once a loan subsequently become credit-impaired,
x. Non-banking asset
the entity shall apply the effective interest rate to the
IAS/IFRS: No indication of Non-banking asset is found in
amortized cost of these loans and advances.
any IAS/IFRS.
Bangladesh Bank: As per BRPD circular no. 14 dated 23
September 2012, once a loan is classified, interest on such
June 2003 and BRPD circular no. 22 dated 20 September
loans are not allowed to be recognized as income, rather
2021. Non-Banking assets to be disclosed as separate line
the corresponding amount transferred/credited to an
item in the Balance Sheet and whether the Non-Banking
interest in suspense account and shown as liability in the
assets are income generating to be disclosed along with
balance sheet.
the holding period of the assets.
vi. Other comprehensive income
xi. Cash flow statement
IAS/IFRS: As per IAS 1: Presentation of Financial
IAS/IFRS: As per IAS 7: Statements of Cash Flows, the
Statements, Other Comprehensive Income (OCI) is a
cash flow statement can be prepared using either the
component of financial statements or the elements of
direct method or the indirect method. The presentation is
OCI are to be included in a single Other Comprehensive
selected to present these cash flows in a manner that is
Income statement.
most appropriate for the business or industry. The method
Bangladesh Bank: Bangladesh Bank has issued templates selected is applied consistently.
for financial statements which will strictly be followed by
all banks. The template of financial statements issued by
June 2003, Cash Flow Statement is the mixture of direct
Bangladesh Bank neither include OCI nor are the elements
and indirect methods.
of OCI allowed to be included in a single OCI Statement.
As such the Bank does not prepare the OCI statement. xii. Balance with Bangladesh Bank: (Cash Reserve
However, elements of OCI, if any, are shown in the Requirement - CRR)
statements of changes in equity. IAS/IFRS: As per IAS 7: Statements of Cash Flows, Balance
with Bangladesh Bank should be treated as other asset as
vii. Financial instruments – presentation and disclosure
it is not available for use in day to day operations.
In several cases Bangladesh Bank guidelines categories,
recognize, measure and presentation of financial Bangladesh Bank: Balance with Bangladesh Bank including
instruments different from as prescribed by IFRS 9. As CRR is treated as cash and cash equivalents.
such full disclosure and presentation requirements cannot xiii. Off-balance sheet items
be made in the financial statements as per IFRS 7: Financial IAS/IFRS: There is no concept of off-balance sheet
Instruments Disclosures and IAS 32: Financial Instruments: items in any IAS/IFRS; hence there is no requirement for
Presentation. disclosure of off-balance sheet items on the face of the
viii. Financial guarantees balance sheet.
IAS/IFRS: As per IFRS 9: Financial Instruments, financial Bangladesh Bank: As per BRPD circular no. 14, off-balance
guarantees are contracts that requires an entity to make sheet items (e.g. Letter of credit, Letter of guarantee etc.)
specified payments to reimburse the holder for a loss it must be disclosed separately on the face of the balance
incurs because a specified debtor fails to make payment sheet.
when due in accordance with the term of debt instruments.
Financial guarantee liabilities are recognized initially at xiv. Disclosure of appropriation of profit
their fair value and amortized over the life of the financial IAS/IFRS: There is no requirement to show appropriation
guarantee. The financial guarantee liability is subsequently of profit on the face of Profit and Loss Account.
carried at the higher of this amortized amount and loss Bangladesh Bank: As per BRPD circular no. 14, dated 25
allowance determined expected credit loss under IFRS 9. June 2003, an appropriation of profit should be disclosed
Financial guarantees are prescribed to be included in other on the face of profit and Loss Account.
liabilities.
xv. Loans and advances net off provision
Bangladesh Bank: As per BRPD circular no. 14 dated 25 IAS/IFRS: As per IFRS 9, loans and advances shall be
June 2003, financial guarantees such as Letter of Credit, presented at amortized cost net off any write down
Letter of Guarantee should be treated as Off-balance for impairment (expected credit losses that result from
items. No liability is recognized for the guarantee except all possible default events over the life of the financial
the cash margin. instruments).

Bangladesh Bank: As per BRPD circular no. 14, provision 2.1.4 Materiality and aggregation
for loans, advances and investments are presented Each material item considered as significant and has been
separately as liability and cannot be netted off against the presented separately in the financial statements. No assets has
outstanding balance of loans, advances and investment. been set off against any liability unless the Bank has a legal right
to set off such amount and intends to settle on net basis. Income
xvi. Presentation of Financial Statement
and expenses are presented on a net basis only when permitted
IAS/IFRS: As per IAS 1 financial statements shall comprise
by the relevant financial reporting standards or as directed by
statement of financial position, statement of profit or loss
Bangladesh Bank.
and other comprehensive income, statement of changes
in equity, cash flow statement, adequate notes comprising 2.1.5 Comparative information
summary of accounting policies and other explanatory Accounting policies have been consistently applied by the
information. As per para 60 of IAS 1, the entity shall also bank and are consistent with those used in the previous year
present current and non-current assets and liabilities Comparative amounts in the financial statements have been
as separate classifications in its statement of financial reclassified and rearranged to conform to the current year’s
position. presentation. The Bank did not restated its comparative figures
which affect the related implications of IAS 1: Presentation of
Bangladesh Bank: Bangladesh Bank vide it BRPD circular
Financial Statements.
no. 14 dated 25 June 2003 directed all banks to prepared
their financial statements in the prescribed template 2.1.6 Reconciliation of inter-bank and inter-branch account
comprising balance sheet, profit and loss account, cash Books of Accounts with regard to inter-bank (in Bangladesh
flow statement, statement of changes in equity, liquidity and outside Bangladesh) are reconciled on regular basis and
statement and certain disclosures therein are guided by there are no material differences which may affect the financial
the First Schedule (section 38) of the Banking Companies statements significantly.
Act 1991. (Amendment up to date) and BRPD circular no.
The Bank doesn’t have any un-reconciled entries related to
14 dated 25 June 2003. In that prescribed template there
inter-branch transactions as on the reporting date.
is no scope to present assets and liabilities under current
and noncurrent classifications. 2.1.7 Foreign currency transactions
Foreign currency transactions are translated into the Bank’s
[Also refer to (note 2.2.11 Compliance of International
functional currency at the exchange rates prevailing on the
Financial Reporting Standards (IFRSs)]
respective date of such transactions as per IAS 21: The Effect
2.1.2 Going concern of Changes in Foreign Exchange Rates. Monetary assets and
The accompanying financial statements have been prepared on liabilities in foreign currencies are converted into Taka at spot
a going concern assumption that the Bank is a going concern exchange rate at the reporting date and differences are generally
and will continue in operation for the foreseeable future. Hence, recognized in the profit and loss account.
it is assumed that the Bank has neither the intension nor the
Foreign operations
need to liquidate or curtail materially the scale of its operation.
The results of financial statements of the Bank whose functional
The accompanying financial statements do not include any
currency is not Bangladesh Taka are translated into Bangladesh
adjustments should the Bank be unable to continue as a going
taka as follows:
concern.
a. Assets and liabilities for each statement of balance sheet
The management of the Bank has calculated all the ratios
have been translated at the closing rate on the date of
related to the maintenance of regulatory requirements of capital
balance sheet.
& liquidity such as CRAR, LCR, NSFR, CRR & SLR and assessed
adequacy of bank’s liquidity as per structured liquidity profile to b. Income and expenses for the profit and Loss account have
determine bank’s shock absorbent capacity in different distress been translated at monthly average rate.
scenario. All the ratios and results thus calculated reveal that 2.1.8 Reporting period
Bank is running well above the level of different parameters set These consolidated financial statements cover the period from
by the respective guidelines of Bangladesh Bank. The rating 1 January to 31 December 2022. The reporting period of the
outlook of the Bank as assigned by the rating agency Emerging subsidiaries namely IFIC Securities Limited, IFIC Investments
Credit Rating Limited (ECRL) is ‘stable’. The management do Limited and IFIC Money Transfer (UK) Limited and one of the
not see any issue with respect to going concern due to recent associates Oman Exchange LLC is in line with that of the parent
pandemic COVID-19. Besides, the management is not aware of i.e. IFIC Bank PLC.
any material uncertainty that may cast significant doubt upon
the Bank’s ability to continue as a going concern. 2.1.9 Date of authorization
The Board of Directors has authorized these financial statements
2.1.3 Functional and presentation currency for public issue on 27 April 2023.
The financial statements are presented in Bangladeshi Taka
(BDT/Tk.) which is the Group’s and the Bank’s functional 2.1.10 Use of estimates and judgments
currency. Functional currency of Off-shore Banking Unit and In the preparation of the financial statements of the Bank in
one of subsidiaries namely IFIC Money Transfer (UK) Limited conformity with IFRSs requires management to make judgments,
is US Dollar (USD) and Great Britain Pound (GBP) respectively. estimates and assumptions that affect the application of
Functional currency for one associate – Oman Exchange LLC is accounting policies and the measurement of assets, liabilities,
Omani Rial. Financial information presented in BDT has been income and expenses. Accordingly, actual results may differ from
rounded off to nearest integer, except otherwise indicated. The these estimates.
financial statement and information of the subsidiaries and joint Estimates and underlying assumptions are reviewed on an
venture/associates whose functional currency is different than ongoing basis. Revisions to accounting estimates are recognized
that of IFIC Bank PLC has been translated in the presentation in the period in which the estimate is revised and in any future
currency i.e. BDT as per IAS 21: The Effects of Changes in periods affected.
Foreign Exchange Rates, where applicable.

Key estimates are as follows: acquisition. The investor’s share of the investee’s profit or loss is
z Provision for loans, advances and investments; recognized in the investor’s profit and loss account. Distributions
received from an investee reduce the carrying amount of the
z Revaluation of land & buildings; investment.
z Deferred tax assets/liabilities;
Transactions eliminated on consolidation
z Useful life of depreciable assets; All intra-group transactions, balances and any unrealized
z Measurement of defined benefit obligation (Provision for income and expenses arising from intra-group transactions are
gratuity); eliminated in preparing consolidated financial statements.
z Provision / accruals for expenses; 2.1.12 Basis for preparation of liquidity statement
z Provision for current taxation; The liquidity statement has been prepared in accordance with
the remaining maturity grouping of the value of the assets
z Lease Liabilities and Right of Use Assets;
and liabilities as on the reporting date under the guidelines of
Changes in accounting estimates Bangladesh Bank BRPD circular No. 14 dated 25 June 2003. The
Changes are reflected in the assumptions when they occur bank used following basis for preparation of liquidity statement:
in accordance with IAS 8: Accounting Policies, Changes in
Accounting Estimates and Errors. During the year, the bank has Particulars Basis
not adopted any change of accounting estimates.
Balance with other Banks and Maturity term
2.1.11 Basis of consolidation financial institutions
The consolidated financial statements include the financial Money at call and on short Maturity term
statements of IFIC Bank PLC and its subsidiaries, IFIC Securities notice
Limited and IFIC Investment Limited, operating in Bangladesh
and IFIC Money Transfer (UK) Limited operating in United Investments Respective residual maturity
Kingdom as those of a single economic entity. The separate Loans and advances Repayment schedule
financial statements are derived by combining the financial
statements of main operation of IFIC Bank PLC as Domestic Fixed assets Useful lives
Banking Unit and the financial statements of Off-shore Banking Other assets Realization / amortization
Unit (OBU) in equivalent BDT denomination as per BRPD
Sub-ordinated debt Maturity / repayment terms
circular no 2 dated 25 February 2019.
Borrowing from other Banks, Maturity / repayment terms
The consolidated and separate financial statements have
financial institutions
been prepared in accordance with IFRS 10: Consolidated
Financial Statements and IAS 27: Separate Financial Statements Deposits and other accounts Maturity term and past
respectively. The consolidated financial statements are prepared trend of withdrawal
to a common year ended 31 December 2022. Both consolidated Provisions and other liabilities Settlement/Payment/
financial statements and separate financial statements of the adjustments schedule
Bank comprises Balance Sheet, Profit & Loss Statement, Cash
Flow Statement, Statement of Changes in Equity and relevant 2.1.13 Basis of provision, contingent liabilities, contingent
notes and disclosures. assets
Subsidiaries The Bank recognizes provisions only when it has a present
Subsidiaries are all entities over which the bank has the obligation as a result of a past event and it is probable that
power to govern the financial and operating policies generally an outflow of resources embodying economic benefits will be
accompanying a shareholding of more than one half of the voting required to settle the obligation and when a reliable estimate of
rights. A parent of a subsidiary should present consolidated the amount of the obligation can be made.
financial statements according to IAS 27: Separate financial No provision is recognized for -
statements and IFRS 10: Consolidated Financial Statements.
The financial statements of subsidiary are included in the a. Any possible obligation that arises from past events and
consolidated financial statements from the date that control the existence of which will be confirmed only by the
effectively commences until the date that the control effectively occurrence or non-occurrence of one or more uncertain
ceases. future events not wholly within the control of the Bank; or
The financial statements of such subsidiary companies are b. Any present obligation that arises from past events but is
incorporated on a line by line basis and investment held by the not recognized because-
bank is eliminated against the corresponding share capital of - It is not probable that an outflow of resources
subsidiaries in the consolidated financial statements. embodying economic benefits will be required to
Associates settle the obligation; or
An associate is an enterprise in which the investor has - A reliable estimate of the amount of obligation cannot
significant influence and which is neither subsidiary nor a joint be made.
venture of the investor (IAS 28: Investments in Associates).
Significant influence is the power to participate in the financial Such obligations are recorded as contingent liabilities. These
and operating policy decisions of the investee but there is no are assessed continually and only that part of the obligation
control over those policies. Investment in associate is accounted for which an outflow of resources embodying economic
for in the financial statements under the “equity method” as per benefits is probable, is provided for except in the extremely
the direction of Bangladesh Bank. Under the equity method, rare circumstances where no reliable estimate can be made.
the investment is initially recorded at cost and the carrying Contingent assets are not recognized in the financial statement
amount is increased or decreased to recognize the investor’s since this may result in the recognition of income that may never
share of the profits and losses of the investee after the date of be realized.”

2.2 Significant accounting policies financial statements as per IAS 28: Investment in
The accounting policies set out below have been applied Associates. Under this method, the investment is initially
consistently to all periods presented in these financial recorded at cost and the increase and decreases on the
statements, and have been applied consistently by group carrying amount is recognized in investor’s share of profit
entities except otherwise instructed by Bangladesh Bank as the & losses of the investee after the date of acquisition. The
prime regulator or local laws where the entities are operated. consolidated financial statements include the IFIC’s share
of the profit and loss of equity accounted investees, after
2.2.1 Assets and basis of their valuation
adjustments to align the accounting policies with those of
2.2.1.1 Cash and cash equivalents the IFIC Bank PLC, from the date that significant influence
Cash and cash equivalents include notes and coins in hand, cash commences until the date that significant influence ceases.
at bank, unrestricted balances held with Bangladesh Bank and its
vi. Investment as Held for Sale
agent bank, balance with other banks and financial institutions,
Investment that meet the criteria to be classified as held
money at call and on short notice and such other highly liquid
for sale to be measured at the lower of carrying amount
financial assets which are subject to insignificant risk of changes
and fair value less cost to sell. For this to be the case, the
in their value and are used by the Bank management for its short
investment must be available for immediate sale in its
term commitments.
present condition subject only to terms that are usual and
2.2.1.2 Investment customary for sales of such assets and the sale must be
All investments (except government treasury bill and bond) have highly probable.
been initially recognized at cost, including acquisition charges
2.2.1.3 Loans and advances
associated with the investment. Premiums have been amortized
and discount accredited by using the effective or historical yield i. Loans and advances are non-derivatives financial assets
method. Government Treasury Bills and Bonds (categorized as with fixed or determinable payments that are not quoted
HFT and/or HTM) are accounted for as per Bangladesh Bank in an active market and that the Bank does not sell in the
DOS circular letter no. 5 dated 26 May 2008 and DOS circular normal course of business. It has been stated at gross value
no. 5 dated 28 January 2009. Details of the valuation methods as pre requirements of the Banking Companies Act, 1991.
of investment are given below:
ii. Interest on unclassified loans and advances (except those
i. Govt. securities – Held to Maturity (HTM) of rescheduled and stay order accounts) is recognized as
Investments which are intended to be held to maturity income on accrual basis, interest on classified loans and
are classified as “Held to Maturity”. These are measured at advances (including rescheduled and stay order accounts)
amortized cost at each period end by taking into account is credited to interest suspense account. However actual
any discount or premium in acquisition. Amortized amount recovery of interest on rescheduled, stay order accounts
of such premium are booked into Profit and Loss Account and classified loan credited to income account as per
or discount is booked to reserve until maturity/disposal. instruction of BRPD circular no. 14 dated 23 September
2012, BRPD circular no. 19 dated 27 December, BRPD
ii. Govt. securities – Held for Trading (HFT)
circular no. 16 dated 18 November 2014, BRPD Circular
Investment held in this category are acquired principally
No. 56 dated 10 December 2020, BRPD Circular No. 16
for the purpose of selling and purchasing in short trading.
dated 18 July 2022 and BRPD Circular No. 53 dated 22
After initial recognition, investments are revalued weekly
December 2022.
on mark to market basis. Decrease in the book value is
recognized in the profit and loss account and any increase iii. The Bank are providing concessional interest rare to its’
is transferred to revaluation reserve account. good borrowers.
iii. Investment in quoted shares/securities iv. Loans and advances are written off from the books of
These shares/securities are bought and held primarily for accounts in line with the BRPD circular no. 01 dated 06
the purpose of selling in future or for dividend income. February 2019 issued by Bangladesh Bank. These write
Investment in quoted shares/securities are revalued at off will not undermine/affect the claim amount against the
the end of the reporting period and necessary provisions borrower.
are maintained for diminution in value of investments in
2.2.1.4 Fixed assets and depreciation
quoted shares/securities in line with Bangladesh Bank
requirement. Realized gain or losses are recognized in the Acquisition through outright purchase and Lease
profit and loss account. i. Fixed assets are stated at cost/revalued amount less
iv. Investment in unquoted shares/securities accumulated depreciation for those acquired through
Investment in unquoted shares/securities are initially outright purchase except Land. Land is initially measured
recognized at cost and revalued based on book value of last at cost and then recognized at revalued amount. The
audited balance sheet. Provision arising from diminution in bank has charged depreciation using straight line method
value of investment recognized in profit and loss accounts considering the following useful life:
as per Bangladesh Bank guidelines.
Particulars Useful Life (Years)
v. Investment in subsidiary
Investment in subsidiary is accounted for under the cost Building 40
method of accounting in the separate financial statements Wooden Furniture 10
and presented in the Bank’s consolidated financial
statements as that of a single economic entity in accordance Steel Furniture 15
with IFRS 10: Consolidated Financial Statements. Office Equipment 5
vi. Investment in associates Computer 5
Investment in associates are accounted for using the equity
Electrical & Gas Equipment 8
method (equity accounted investees) in the consolidated

Particulars Useful Life (Years) Lease Liability
At the commencement date of lease, the bank recognizes lease
Leasehold improvement 10 liabilities measured at the present value of the lease payments
Vehicles 5 to be made over the lease term using incremental borrowing
rate at the date of initial application. Lease liability is measured
Soft furnishing 3 by increasing the carrying amount to reflect interest on the
lease liability, reducing the carrying amount to reflect the lease
ii. Land/Building is initially recognized at cost and
payments.
subsequently carried at revalued amount following
revaluation model as per IAS 16: Property, plant and Short-term lease and leases of low value assets
equipment. The Bank regularly reviews if the fair value The Bank has elected not to recognize ROU assets and lease
of Land/Building is materially different from its carrying liabilities for leases of low value assets and short term leases
amount or book value and if it is observed that there is for which the lease term ends within 12 months of the date
material differences between carrying amount and fair of initial application. The Bank has considered all the leases of
value then complete revaluation by professional valuer Uposhakha [sub-branch] as low value assets for consideration.
is carried out and any changes in fair value over cost is The Bank recognizes lease payments associated with these
adjusted in revaluation reserve account in equity. lease as an expense.
iii. Depreciation on fixed assets except Land is charged The impact of the new standard on lessees’ financial statements
from when the assets become ready to be used and no are:
depreciation is charged in the month of asset is disposed.
- An increase in recognized assets and liabilities;
iv. Depreciation is comprised of both from fixed assets and
leased assets as per IFRS 16: Leases (note 2.2.1.7). As per - More lease expenses recognized in early periods of lease,
the new standard, previously recognized rental expenses and less in the later periods of a lease;
would be replaced with depreciation expenses. - A shift in lease expense classification from rental expenses
v. Assets that take some time to get it ready for use to interest expense and depreciation
such as construction or improvement of building or 2.2.1.7 Other liabilities
implementation of new system etc. are initially kept as Other liabilities comprise items such as provision for loans and
capital work in progress and once ready/available for use advances, investment, other assets, provision for taxes, interest
then it is transferred to respective category of fixed assets payable, interest suspense, lease liability and accrued expenses.
and calculation of depreciation starts accordingly. Other liability is recognized in the balance sheet according to
2.2.1.5 Impairment of assets the guideline of Bangladesh Bank, IAS and IFRS, Income Tax
An asset is impaired when its carrying amount exceeds its Ordinance 1984 and internal policies of the bank. Provisions
recoverable amount as per IAS 36: Impairment of Assets. The and accrued expenses are recognized in the financial statements
Bank assesses at the end of each reporting period whether when the bank has a legal or constructive obligation as a result
there is any indication that an asset may be impaired. The of past event, it is probable that an outflow of economic benefit
impairment test is also made whenever events or changes in will be required to settle the obligation and a reliable estimate
circumstances indicate that the carrying value of the asset can be made of the amount of the obligation.
may not be recovered. If any such indication exists, the Bank i. Provision for loans and advances
makes an estimate of the recoverable amount of such assets. The rates of provision by classification of loans and
Upon estimation, if the recoverable amount is less than its advances are disclosed in note number 15.1.1 and 15.2.1
carrying amount, the carrying amount of the asset is reduced of the financial statements. Summary of the same as
to its recoverable amount and resultant impairment losses are follows:
recognized in the profit and loss account.
However, the Bank has no such condition which makes any Provision
indication that might be suggestive for a heightened risk of Types of loans and advances
STD SMA SS DF BL
existence of impairment at the reporting date.
2.2.1.6 Leases Housing Finance (HF) 1% 1% 20% 50% 100%
IFRS 16: Leases has come into force on 1 January 2019,
Consumer
Professional 2% 2% 20% 50% 100%

Finance
as adopted by the Institute of Chartered Accountants of

Bangladesh (ICAB). As Bangladesh Bank (BB) has no other Other than HF & prof.
2% 2% 20% 50% 100%
alternative regulation or guidance regarding the same, IFIC to set up business
Bank applied IFRS 16 in its financial statements where the Bank
Loan to broker house, merchant
measured the lease liability at the present value of the remaining banks, stock dealers etc.
2% 2% 20% 50% 100%
lease payments, discounted it using the bank’s incremental
borrowing rate at the date of initial application, and recognized Short-term agri-credit and micro
1% 1% 5% 5% 100%
a right-of-use asset at the date of initial application on a lease credit
by lease basis.
Small and medium enterprise 5% & 20% &
0.25% 0.25% 100%
Right-of-use assets (ROU) finance 20% 50%
The Bank recognizes right-of-use assets at the date of initial
application of IFRS 16. The ROU asset is initially measured at Others 1% 1% 20% 50% 100%
cost at the amount of the lease liability plus any initial direct Loan under Deferral during
costs incurred by the lessee and depreciated using the straight 1 to 2%
COVID 19
line methods from the commencement date (from the beginning
of 2019) to the earlier of the end of the useful life of the right of Off-balance sheet 1%
use asset or the end of the lease term.

ii. Provision for taxation quarterly basis and certified by the Bank’s external auditors
Income tax on profit for the year comprises current and on a semi-annual basis.
deferred tax and is based on the applicable tax law in
v. Provision for Off-balance sheet items
Bangladesh. It is recognized in the Profit and Loss Account.
In line with the BRPD Circular number 14, 01, 07 and 13
a. Current tax dated 23 September 2012, 03 January 2018, 21 June
Current tax is the tax expected to be paid on the taxable 2018 and 18 October 2018 respectively, general provision
profit for the year, calculated using tax rates as prescribed at the rate 0% to 1% has been made against off balance
in the Income Tax Ordinance (ITO) 1984 and relevant sheet exposures (mainly contingent assets/liabilities).
Statutory Regulatory Orders (SRO) and any adjustment
vi. Start-Up Fund:
(excess or deficit) in respect of previous years. Currently
In line with Bangladesh Bank’s SME & SP Circular No. 04
the income tax rate applicable for banks is 37.50%. The
dated 29 March 2021, and Circular Letter no. 5 dated
estimation of current tax provision involves making
26 April 2021, the Bank is required to transfer 1% of its
judgments regarding admissibility of certain expenses as
Net Profit After Tax (PAT) to Start-up fund for 5 years.
well as estimating the amount of other expenses for tax
Accordingly IFIC Started to develop Start-Up fund in year
purposes.
2021.
b. Deferred tax
2.2.1.8 Employee benefits
The Bank accounted for deferred tax assets or liabilities
based on deductible or taxable temporary differences i. Short-term employee benefits
between the carrying amount of its assets and liabilities Short-term employee benefits are employee benefits
used for the financial reporting and its tax base as per IAS which fall due wholly within 12 months after the end of
12: Income Taxes, Income Tax Ordinance (ITO) 1984 and the year in which the employees render the related service
BRPD circular no. 11 dated 12 December 2011 issued including salaries, bonuses and other allowances. Payments
by the Bangladesh Bank. Deferred tax assets, including are charged as an expense in the profit and loss account as
specific provision against the classified loans and advances, they fall due. Payments due are accrued as a liability in
the tax effects of income tax losses and credits available to “Provisions for liabilities and charges” on an undiscounted
be carried forward, are recognized only to the extent that basis.
it is probable that future taxable profits will be available ii. Post-employment benefits
against which the deductible temporary differences or Post-employment benefits are employee benefits, which
unused tax losses and credits can be utilized. are payable after the completion of employment as per
Deferred tax liability arises from non-depreciable assets respective plan:
i.e. land measured using the revaluation model as per Provident fund (Defined Contributory Plan)
IAS 16, the measurement of deferred tax liability reflects “Defined Contribution Plan” is a post-employment benefit
the tax consequences of recovering the carrying amount plan under which an entity pays fixed contribution into
through sale. a separate entity and will have no legal constructive
Deferred tax assets and liabilities are reviewed at each obligation to pay further amounts. Provident fund benefits
reporting date and are measure at the prevailing tax rate as are given to the staff of the bank in accordance with the
per tax laws that are expected to be applied when assets registered Provident fund rules. The commissioner of
are realized and liabilities are settled. Any unrecognized Income Tax, Dhaka has approved the Provident Fund as a
deferred tax assets and liabilities are reassessed if that has recognized fund within the meaning of section 2(52) read
become probable that future taxable profit or loss will be with the provisions of part - B of the First Schedule of
available on which it could be used or settled. Income Tax Ordinance 1984. The recognition took effect
from 20 May 1987. The fund is operated by a Board of
As there is no significance difference between Solo and
Trustees consisting of 05 (five) members of the bank. All
consolidated basis deferred tax, the Bank does not disclose
confirmed employees of the bank are contributing 10%
consolidated deferred tax separately.
of their basic salary as subscription of the fund. The
iii. Provision for diminution in value of investment bank also contributes equal amount of the employees’
Provision for diminution of value of quoted shares and contribution to the fund. Upon completion of 5 years of
mutual funds (closed-end), placed under other liability, service length after confirmation employees are entitled
has been made on portfolio basis (gain net off) following to 100% of employer’s contribution along with his/her
DOS circular no. 4 dated 24 November 2011 and DOS own contribution. Interest earned from the investments is
circular letter no. 3 dated 12 March 2015 respectively. In credited to the members’ account on half yearly basis.
case of unquoted shares, provision has been made based
Gratuity Fund (Defined Benefit Plan)
on available latest Net Asset Value (NAV) of respective
IFIC Bank Employees Gratuity Fund is a funded gratuity
number of units.
scheme recognized by National Board of Revenue with
Provision against investment in associate/joint venture effect from 08 October 2007. Gratuity benefits are given
have been calculated and maintained if cost is higher than to the eligible employees of the Bank in accordance with
lower of NAV or market value as the case may be in line the approved IFIC Gratuity Rules (amended w.e.f. 01
with the instructions of Bangladesh Bank. January 2022). The fund is managed by the Trustee Board.
Employees are eligible to gratuity benefit after completion
iv. Provision for Nostro Account
of minimum of 5(five) years of service in the Bank. As per
Provision has been made against unsettled nostro
the rules eligible employees are provided gratuity benefit
transactions as per circular letter number FEPD
based on the last basic earned immediately preceding the
(FEMO)/01/2005-677 dated 13 September 2005 issued
date of his/her ceasing to be in the service of the Bank,
by Foreign Exchange Policy Department of Bangladesh
multiplied by applicable rate that varies as per the service
Bank. In line with this circular management of the Bank
length.
review the outstanding entries of nostro accounts on

The Bank contribute to gratuity fund monthly basis based finance, credit/debit cards, remittances, locker facilities
on the actuarial valuation of the fund. Net obligation in and service charge on various accounts etc. Fees and
respect of gratuity is calculated by estimation the amount Commission income arises on services rendered by the
of future benefit. The last actuarial valuation was carried Bank are recognized on a realization basis.
out on 31 December 2021 by Z. Halim & Associates. As
v. Exchange gain/(loss)
per recommendation of actuarial valuation report, the
Exchange gain/(loss) includes all gains and losses from
Bank is contributing 8.0% of basic salary to the gratuity
foreign currency transactions.
fund on monthly basis.
vi. Gain or loss on Fixed Assets
Worker’s Profit Participation Fund (WPPF)
The gain or loss on disposal of fixed assets is determined
Consistent with the industry practice and in accordance
as the difference between the carrying amount of the
with the Banking Companies Act 1991, no provision has
assets at the time of disposal and the proceeds of disposal.
been made for WPPF.
The gain or loss arising on disposal is recognized as other
iii. Other Employee Benefits income in the year in which the significant risks and
rewards of ownership and transferred to buyer.
Life Insurance
The objective of the scheme is to provide death or 2.2.3 Expenses
permanent disability benefits to its confirmed employees
2.2.3.1 Interest paid on deposits and borrowings
and their families based on the designation as defined in
Interest expenses are recognized on accrual basis and payments
Insurance Coverage Scheme of the Bank.
are made based on nature of product and agreed terms.
Hospitalization Insurance
2.2.3.2 Management and other expenses
The Bank has introduced a health insurance scheme to
General and administrative expenses of the Bank are recognized
its confirmed employees and their spouse with 2 (two)
on accrual basis.
children at rates provided in the Insurance Coverage
Scheme of the Bank. 2.2.4 Shareholders’ equity
Mandatory Annual leave / Leave Fare Assistance 2.2.4.1 Share capital
The provision for leave fare assistance represents the i. Authorized capital
current outstanding liability to employees at the balance Authorized capital is the maximum amount of share capital
sheet date. Leave Fare Assistance (LFA) is a non-recurring that the bank is authorized by its Memorandum and
benefit for all permanent employees of the Bank who Articles of Association.
are entitled to annual leave. According to Bangladesh
Bank policy all permanent employees have to avail 15 ii. Paid up share capital
consecutive days of mandatory leave and LFA will be given Paid up share capital represents total amount of
in this / for the leave year. shareholder capital that has been paid in full by the ordinary
shareholders. Holders of the ordinary shares are entitled to
Subsidized loan scheme receive dividends as declared from time to time and are
IFIC has scheme to provide Salary Over Draft and Staff entitled to vote at shareholders’ meetings. In the event of
House Building Loan to its eligible staff as per policy of the a winding-up of the company, ordinary shareholders rank
Bank. after all other shareholders and creditors and are fully
2.2.2 Income entitled to any residual proceeds of liquidation.
Revenue recognition 2.2.4.2 Statutory reserve
As per the section 24 (1) of the Banking Companies Act, 1991
i. Interest income
as amended, the Bank is required to transfer at least 20% of its
In terms of the provision of the IFRS-15 interest income
current year profit before tax to the statutory reserve until such
is recognized on an accruals basis, interest on loans and
reserve equals to Paid up capital.
advances ceases to taken into income when such advances
are classified, kept in interest suspense account under 2.2.4.3 Fixed assets revaluation reserve
liabilities. Interest on classified advances is accounted for When an asset’s carrying amount is increased as a result of a
to income account on realization basis as per Bangladesh revaluation, the increase amount is directly credited to equity
Bank guidelines. under the head of revaluation reserve as per IAS 16: Property,
Plant and Equipment. The Bank revalued the land which is
ii. Investment income
absolutely owned by the Bank and the increased amount was
Income on investments is recognized on accrual basis.
transferred to revaluation reserve.
Investment income includes interest on treasury bills,
treasury bond and term placement with others banks and 2.2.4.4 Non-controlling interest
financial institutions. Capital gain/loss on investment is Non-controlling interests are measured at their proportionate
recognized at the time of realization. share of the acquires identifiable net assets at the date of
acquisition as per IFRS 3: Business Combinations. The bank
iii. Dividend income on shares
presents the non-controlling interests in the consolidated
Dividends are recognized as income when the Bank’s
balance sheet within equity, separately from the parent owner’s
right to receive payment of the dividend is established
equity as per IFRS 10: Consolidated Financial Statements.
and probable that the economic benefits associated with
Changes in Group’s interest in a subsidiary that do not result in
the dividend will flow to the Bank and the amount of the
a loss of control are accounted for as equity transaction as per
dividend can be measured reliably as per IFRS 9: Financial
IFRS 10. The Bank attributes the profit and loss to the owners
Instruments.
of the parent and to the non-controlling interests even if the
iv. Fees and commission income results in the non-controlling interest having a deficit balance as
Fees and commission includes benefits arising on financial per provision of IFRS 10. When the proportion of the equity held
and other services provided by the bank including trade by the non-controlling interests changes, the bank adjusted the

carrying amounts of the controlling and non-controlling interests 2.2.5.4 Events after the reporting period
to reflect the changes in their relative interests in the subsidiary All material event occurring after the reporting period has been
and recognized directly in equity for any difference between the considered and where necessary, adjusted for or adequately
amount by which the non-controlling interest are adjusted and disclosed in the financial statements as per IAS 10: Events after
the fair value of the consideration paid or received, and attribute the Reporting Period.
it to the owners of the parent by as per provision of IFRS 10.
2.2.6 Risk management
2.2.5 General Risk is the exposure to uncertainty and risk exposure is the
extent to which an entity is sensitive to underlying risks. As risk
2.2.5.1 Earnings per share (EPS)
is an inherent part of the business activities, risk management
Earnings Per Share (EPS) has been computed as per IAS 33:
is essential for ensuring sustainability of the business. Type of
Earnings Per Share by dividing the basic earning by the weighted
risk may vary from business to business, however, preparing a
average number of ordinary Shares outstanding during the
comprehensive risk management plan involves a collaborative
reporting period.
process. Bangladesh Bank issued revised risk management
i. Basic earnings per share guideline in October 2018, which forms the basis of risk
This represents earnings for the period attributable to management. Risk management among banks broadly cover core
ordinary shareholders. As there was no preference shares, risk areas of banking, i.e. credit risk, asset liability management
the net profit after tax for the period has been considered risk, foreign exchange risk, money laundering risk, ICC risk and
as fully attributable to the ordinary shareholders. This ICT risk etc. Bangladesh Bank also prescribed that there should
has been calculated by dividing the net profit after tax be a separate desk for each of these risk types under the risk
attributable to the ordinary shareholders by the weighted management division.
average number of ordinary shares outstanding during the
In line with the regulatory requirement, IFIC has a board
period.
approved ‘Risk Management Policy’ for managing Core risks and
ii. Weighted average number of outstanding ordinary other material risks inherent with the banking business. IFIC Bank
shares manages risk in Strategic layer, Managerial layer and Operational
This represents the number of ordinary shares outstanding layer as a part of sound risk management. The Bank has a Risk
at the beginning of the year plus the number of ordinary Management Committee on behalf of the Board of Directors
share issued during the period multiplied by a time weighted as Strategic Layer to oversee the overall risk of the Bank the
factor. The time-weighted factor is the numbers of days Managerial layer is headed by Deputy Managing Director &
the specific shares were outstanding as a proportion of the Chief Risk Officer (CRO) and an Operational layer represented
total number of days in the year. by Risk Management Division. The risk management systems are
The basis of computation of number of shares is in line in place within the Bank which are discussed as follows:
with the provisions of IAS 33: Earnings per share. The logic i. Credit risk
behind this basis is, that the bonus shares are issued to Credit risk is one of the major risks out of the six core risks
the existing shareholders without any consideration, and of the Bank. Credit risk is the risk of loss that may occur
therefore, the number of shares outstanding is increased from the default of any bank borrower or counterparty
without an increase in resources generating new earnings. to repay in accordance with agreed terms and conditions
In contrast, other shares were issued against consideration and/or deterioration of creditworthiness. IFIC has a board
in cash or in kind, and accordingly there is an increase in approved ‘Credit Risk Management Policy’ and the CRM
recourses generating new earnings. works within the scope this defined regulations. Board of
iii. Diluted earnings per share Directors is the apex body for credit approval of the Bank.
No diluted earnings per share is required to be calculated However, they delegate authority to the Managing Director
for the period as there was no dilutive potential ordinary & CEO or other officers of the Credit Risk Management
share during the period. (CRM) Division. The Board also sets credit policies to the
management for setting procedures, which together has
2.2.5.2 Related party transactions structured the CRM framework in the bank.
As per IAS 24: Related Party Disclosures, parities are considered
to be related if one of the parties has the ability to control the CRM policy also contain how to manage credit risk in the
other party or exercise significant influence over the other party origination process, how to organize, role of board, senior
in making financial and operating decisions. Parties are also management and CRM Committee, credit risk mitigation
considered to be related if they are subject to common control or strategies, MIS for credit risk, managing problem assets
common significant influence. The Bank carried out transactions including role of Special Asset Management Division and
in the ordinary course of business on an arm’s length basis at maintenance of adequate provisioning etc. This policy
commercial rates with related parties. Related party transaction ensures sound practices of effective functioning of the
is a transfer of resources, services, or obligations between Bank’s lending process and develop the strategies for
related parties, regardless of whether a price is charged as per appropriate management, measurement and monitoring
IAS 24: Related Party Disclosures, Bangladesh Bank and BSEC its lending portfolio. Regular monitoring of the ability of
guidelines. The related party transactions of bank are disclosed borrowers to meet their principal and interest repayment
in Annexure-F. obligations is conducted. Credit risk is monitored by
reference to risk grading and managed by limiting the
2.2.5.3 Operating segments aggregate exposure to any individual counter party, group
The Bank has identified the reportable segments based on of companies or industry as per lending cap of the bank
the geographical locations which are the consolidated major and single borrower exposure limit defined by Bangladesh
strategic business units/entities. The strategic business units Bank. The Bank has defined segregation of duties for
offer different products and services, which are managed all credit risk related activities like credit approval,
separately based on the management and internal reporting administration, monitoring and recovery functions.
structure of the group. Details of the segment of the Bank have
been disclosed in Annexure-H.

ii. Asset liability management risk on combating Money Laundering (ML) and Financing
Asset Liability Management (ALM) of the Bank manage of Terrorism (FT) is issued to emphasize on greater due
Balance Sheet Risk, including managing the liquidity and diligence and compliance at all levels of the Bank.
interest rate risk. To address all the risk elements of the
v. Internal control and compliance risk
Balance Sheet, Assets Liabilities Committee (ALCO)
The Internal Control & Compliance (ICC) Division of the
Meetings are conducted at least on a monthly basis. ALM
Bank is working independently to evaluate the Internal
desk of the Bank analyses the Balance Sheet Risk and
Control System of the Bank so as to ensure good
prepares the monthly ALCO Papers as per the guidelines
governance, transparency & accountability. The ICC
of Bangladesh Bank. A monthly projection of fund flows
Division is conducting comprehensive internal audit of
is reviewed in ALCO meeting regularly. On monthly basis,
the branches as well as different divisions/departments
ALCO monitors liquidity management by examining key
of Head Office ongoing basis. In line with the Bangladesh
ratios, maximum cumulative outflow, upcoming funding
Bank guidelines the Bank has successfully implemented the
requirement from all business units, asset-liability mismatch
effective internal control system guidelines, formulation of
etc. The maturity gap of the assets-liabilities and interest
policy guideline, set up of separate organizational structure,
rate movement are also monitored by the ALCO including
segregation of duties and introduction of internal control
the optimum liquidity position of the Bank in line with
process, such as Departmental Control Function Checklist
regulatory requirement. All the activities are regulated by a
(DCFCL), Quarterly Operation Report (QOR) etc.
board approved Asset Liability Management Guideline that
is well integrated with the bank’s risk management process. Being an integral part of daily activities of the Bank, Internal
Control & Compliance Division consists of three units
iii. Foreign exchange risk
namely; Compliance, Monitoring and Audit & Inspection.
Foreign Exchange Risk arises from adverse movement in
These units look after internal control, operational process
currency exchange rates engaging in activities starting from
very minutely to ensure the smooth operation of the Bank.
basic currency buy, sell, imports, exports and remittances
Compliance section is functioning to ensure compliance
to complex structured products. The foreign exchange
with statutory/regulatory requirements and also Bank’s
risks are measured and monitored by the Treasury Division
internal policies & procedures for developing compliance
of the bank. As per directives of Bangladesh Bank, the
culture within the Bank. Monitoring unit is responsible for
Bank has formulated and adopted the treasury policy for
operational performance of branches and head office to
managing the foreign exchange risks. Functions of the
minimize and mitigate the risk factors associated with the
treasury front, mid and back office have been designated
banking business. As an internal watchdog, the Audit and
and properly segregated. In addition to the policy guidelines
Inspection unit is conducting Risk Based Audit & Inspection
treasury operational guidelines have also been formulated
to identify, measure, control and mitigate risk factors at the
for defining the roles and responsibilities of front, back and
branches and division of the Bank.
mid office so that various foreign exchange transactions
can be performed in line with the Bangladesh Bank Internal Control Unit (ICU) has also been set-up at
regulations and Bank’s internal policies and procedures the branches with the existing manpower to minimize
to measure, monitor and mitigate the foreign exchange irregularities and lapses to prevent fraud, forgeries and to
risks. Treasury continuously monitors price movements of avoid operational risks of the Bank. ‘Risk based Internal
foreign exchange and uses various hedging techniques to Audit Policy’ and ‘Branch Audit Rating System’ are in
manage its open position in such a way that minimizes risk place in order to upgrade the operational efficiency of the
and maximizes return. branches.
iv. Money laundering risk vi. Information and communication technology (ICT) risk
In recognition of the fact that financial institutions are IFIC Bank has been pursuing a strategy of “Long Term
particularly vulnerable to Money Laundering, IFIC has Sustainable Growth with Low Risk, Low Cost, Best in
established “Guidelines on Prevention of Money Laundering Class Service Delivery & Diversified Portfolio”. Therefore
and Combating Financing of Terrorism” as per directives of the bank has underlined concentration on creating a
Bangladesh Bank for strict compliance. The purpose of this technology backbone that can enable IFIC to become
policies is to provide guideline to comply with all applicable the preferred financial service provider. To mitigate the
local laws and regulations regarding prevention of Money technology risk, the bank has taken the following steps:
Laundering and combating Terrorist Financing, both at z Conducted Cyber Security Assessment to outline the risky
country and international level, to safeguard the Bank from areas with PwC- an international reputed consulting firm.
potential compliances, financial and reputational risks. The bank has prepared the way out to mitigate the risk
Suspicious Activity Report (SAR), Suspicious Transaction areas as per their guideline.
Report (STR), Cash Transaction Report (CTR), Know Your
z For ensuring cyber security, the bank is continuously
Customer (KYC) Procedure, e-KYC, Structuring Monitoring
conducting training on sensitive IT tasks for IT division
Report, periodic review of high and low risk customers,
and awareness program for creating Cyber Security
Customer Due Diligence (CDD), Enhanced Due Diligence
Awareness for all employees.
(EDD), duties and responsibilities of Officials etc. have been
implemented, reviewed and monitored by the competent z The bank is taking data backup on daily basis; one copy
authority as procedure of this policy. is being stored in a fire-proof Vault and another copy is
being kept at a remote site to withstand any disaster in
Training is also given as a continuous process for creating/ Data Centre.
developing awareness among officers on AML/CFT
laws, rules, regulations, guidelines, policies and circulars. z Upgraded Disaster Recovery (DR) Site ensures any
Inspection at Branches for checking records/activities and payment related service to the customers in case of
for creating awareness on AML & CFT are also conducted. any emergency or any disaster at Data Centre. Business
continuity Plan has also been developed.
The CEO’s formal annual commitment to all employees
z As per the Bangladesh Bank guideline, the bank has

concentrated on ICT security management. In this regard Control and Compliance Division of the Bank monitors
ICT Steering Committee and ICT Security Committee operational procedure of the Bank. It undertakes periodical
have been formed and are working to ensure the overall and special audit of the branches and divisions at the
ICT Security. Head Office for review of the operation and compliance of
z The bank has upgraded and introduced the network statutory requirements. The Audit Committee of the Board
equipment including Next-Generation Core Firewall, subsequently reviews the reports of the Internal Control
Internet Firewall, Web Application Firewall (WAF), and Compliance Division.
Software Defined Network (SDN) and Network Access b. Liquidity risk
Control (NAC) for enhancing security in the Data Center Liquidity risk is the potential for loss to a bank arising from
and Disaster recovery site. either its inability to meet its obligations as they fall due
z The SWIFT environment of the bank is upgraded and or to fund increases in assets as they required without
segmented from the other enterprise network. World incurring unacceptable cost or losses.
class Trade processing system is integrated with the Liquidity risk arises when the cushion provided by the
payment system to mitigate the risk of financial fraud. liquid assets are not sufficient enough to meet maturing
z The Bank has implemented a robust and secure mailing obligations.
system and incorporated Email Security Solution (ESA).
The objective of liquidity risk management is to ensure
Availability of Exchange Server in Disaster Recovery Site
that all foreseeable funding and payments commitments
is completed.
and deposit withdrawals can be met when due. To this end,
z New Data Center in IFIC tower is inaugurated and is the Bank is maintaining a diversified and stable funding
providing value to IT service delivery of the bank. Physical base comprising of retail and corporate deposits maintain
and other appropriate security is being maintained in the balanced tenor and institutional balance. The liquidity
workplace to protect ICT resources properly as per the management is monitored by Asset Liability Committee
guideline of Bangladesh Bank. (ALCO) on a regular basis.
z The bank is maintaining Service Level Agreement (SLA) c. Market risk
with the vendors who are directly involved for providing It is the risk of potential losses in the on-balance sheet and
critical services on behalf of the bank. The bank is also off-balance sheet positions of a bank, steams from adverse
maintaining insurance coverage for critical IT assets and movements in market rates or prices such as interest rates,
maintaining IT Assets Inventory. foreign exchange rates, equity prices, credit spreads and/or
z The Bank is strictly following the Information Security commodity prices.
Guidelines of Bangladesh Bank which covers Password
Banks may be exposed to market risk in variety of ways.
Control, User ID Maintenance, Input Control, Network
Market risk exposure-
Security, Data Encryption, Virus Protection and Access
Control to Internet and Emailing. a) may be explicit in portfolios of securities/equities and
z Baseline Security Standard has been developed for instruments that are actively traded;
desktop, operating systems, and network, database and b) may be implicit such as interest rate risk due to mismatch
security devices. of assets and liabilities; and
z Risk assessment framework and template has been c) may arise from activities categorized as off-balance sheet
developed and introduced for systems and application. items.
z Security Team regularly conduction Vulnerability
d. Interest rate risk
Assessment and Application Security testing.
Interest rate risk may arise from trading portfolio and non-
z The bank has also completed all ICT Security trading portfolio. The trading portfolio of the Bank consists
documentation to ensure security of the ICT Systems and of government treasury bills, bond, etc. Interest rate risk of
is continuously updating them to strengthen security of non-trading business arises from mismatches between the
the systems. future yield of an asset and its funding cost. Asset Liability
z The Bank has introduced Digital Banking Channel to Committee (ALCO) of the Bank monitors the interest rate
explore the technological door for financial advancement. movement on a regular basis.
This platform can be used through both online and mobile Interest rate risk is the potential impact on a bank’s earnings
app (which is available at Apple store and Google Play and net asset values due to changes in market interest
store). Using Digital Banking Channel (IFIC Aamar Bank), rates. Interest rate risk arises when a bank’s principal and
customer can make transaction within Bank or Other interest cash flows (including final maturities), both on-and
Bank through EFT and RTGS, customer can make credit off-balance sheet, have mismatched reprising dates. The
card payment, standing instruction, cheque book order, amount at risk is a function of the magnitude and direction
request for bank certificate etc. of interest rate changes and the size and maturity structure
vii. Other relevant risks of the mismatch position. Bank’s lending, funding and
investment activities give rise to interest rate risk. Interest
a. Operational risk
rate risk management is conducted within the context of a
Operational risk addresses the risk associated with fraud,
comprehensive business plan.
forgery, unauthorized activities, error, omission, system
failure and other external events. These occur mainly due e. Equity price risk
to inadequate or failed internal processes, people and Equity price risk is the risk of losses caused by changes
systems, or from external events (including legal risk). The in equity prices. These losses could arise because of
Bank is managing these risks through written procedures, changes in the value of listed shares held directly by the
regular training, and awareness programs and monitoring bank; changes in the value of listed shares held by a bank
of the implementation of these procedures. Internal subsidiary; changes in the value of listed shares used

as collateral for loans from a bank or a bank subsidiary, 2.2.7 Audit Committee
whether or not the loan was made for the purpose of The Audit Committee of the Board was duly formed by the
buying the shares; and changes in the value of unlisted Board of Directors of the Bank in accordance with the BRPD
shares. Bank presses vital importance to measure, monitor, circular no. 11 dated 27 October 2013 of Bangladesh Bank.
and control their equity market risk.
Pursuant to the BSEC notification no. BSEC/
f. Fraud risk CMRRCD/2006-158/207/ADMIN/80 dated 3 June 2018 on
Fraud and forgery have become an important issue in recent Corporate Governance, the current Committee is constituted
years. These have a major impact on our country’s economy, with three members of the Board. The details of the Audit
impeding economic development. IFIC has always been Committee is provided in Annexure-G.
focused in controlling fraud and forgery by establishing and
2.2.8 Directors’ responsibility statement
maintaining proper controlling system. Today, fraud and
The Board of Directors is responsible for the preparation and
forgery appear in diverse form. The incidence of fraud may
the financial statements under section 183 of the Companies
occur due to rapid changes in technological environment in
Act 1994.
the banking sector or intentional behavioral aspect of the
human being. Human fraudulent acts may be committed 2.2.9 Management Committee (MANCOM)
by outsiders or insiders such as employees who are aware The Management Committee (MANCOM) is functioning as
of the internal operational process of the Bank. To take the a structured unit to take important management decisions.
advantage of the operational process and weakness of the Presently, it comprises of members holding key positions in
internal control system of the work place, employees may the Management of the Bank. The Committee is headed by the
commit fraudulent activities within the Bank. To prevent Managing Director & CEO who is assisted by Deputy Managing
the fraud and forgeries, the Bank has adopted broad range Directors, Heads of Divisions of strategically important divisions
of measures to monitor and mitigate the fraud risk which along with Branch Managers of large and important Branches.
involves three steps, fraud prevention, fraud detection The Managing Director’s Secretariat provides secretarial services
and fraud investigation. Bank considers the best practice to the Committee. The members of the Committee, having long
to prevent frauds and forgeries rather than to detect or experience in commercial banking actives, are concerned with
investigate. To prevent the external fraud, Bank regularly management of respective Divisions as well as monitoring day
arrange training program for its executives and staffs to day activities taking place in different areas of the Bank.
working at branch and head office level. Internal Control Generally the Committee sits at least once in every month to
and Compliance unit of the Bank also works very extensively review and evaluate strategic operational issues of the bank,
to ensure the effectiveness of the internal control system identify specific problems which need to be immediately
throughout the Bank. Internal Control Unit (ICU) of each attended, identify weakness (if any) of the Bank and take
branch and division monitors the transactions process to remedial measures or any other measures for enhancing the
prevent and detect both internal and external frauds. reputation of the Bank. Generally, the MANCOM is concerned
g. Reputation risk with major decision making, planning and framing of policy
Reputation risk may arise from the possibility that negative guidelines of the Bank.
publicity regarding the bank and its business practices, 2.2.10 Credit rating of the bank
in the territory or elsewhere through related entities, The Bank has been awarded its credit rating done by Emerging
and whether accurate or not, will adversely impact the Credit Rating Limited (ECRL) based on the financial statements
operations and position of the bank. Reputation risk may also and other relevant information as at and for the year ended 31
arise from an institution, or an affiliate, being domiciled in a December 2021 and 2020 respectively as per BRPD Circular
jurisdiction where the legal and organizational framework no. 6 dated 5 July 2006. The following ratings for different years
for the regulation and supervision of financial institutions is have been awarded:
generally viewed as failing to meet international standards
for the protection of consumers of financial services and Rating Status
for the prevention of sheltering the proceeds of organized Types of Financial
Long Short Validity
crime. Rating Statement Outlook
Term Term
The Bank manages the reputation risk ensuring the Jan to Dec
followings: Entity AA ST-2 Stable 30-Jun-23
2021
a. Management anticipates and responds to changes of a Jan to Dec
Entity AA ST-2 Stable 30-Jun-22
market or regulatory nature that affect its reputation in the 2020
market place;
2.2.11 Compliance report on International Financial Reporting
b. The Bank effectively develops its polices for risk
Standards (IFRSs):
management to refrain from committing violations of laws,
In addition to compliance with local regulatory requirements, in
regulations, best banking practices, and consumer rights
preparing the Consolidated and Separate Financial Statements,
that could affect its reputation;
IFIC applied all applicable IASs and IFRSs as adopted by Institute
c. The Bank has continuous awareness that it is not subject of Chartered Accountants of Bangladesh (ICAB) except those
to significant litigation, large monetary losses, or a high described in note 2.1.1. Details are given below:
volume of customer complaints;
IFRS
d. The bank is routinely seen in a leadership role in community Name of the IFRS Status
No.
development and corporate social responsibility; and
First-time Adoption International Financial
1 N/A
e. Management has a clear awareness of privacy issues and Reporting Standards
uses customer information responsibly. Share Based Payment 2 N/A

IFRS IAS
Name of the IFRS Status Name of the IAS Status
No. No.
Business Combinations 3 Complied Borrowing Costs 23 Complied
Insurance Contracts 4 N/A Related Party Disclosure 24 Complied
Non-current Assets Held for Sale and Accounting and Reporting by Retirement
5 Complied 26 N/A
Discontinued Operations Benefits Plans
Exploration for and Evaluation of Mineral Separate Financial Statements 27 Complied
6 N/A
Resource
Investment in Associates and Joint Ventures 28 Complied
Financial Instruments: Disclosures 7 Complied*
Financial Reporting in Hyperinflationary
29 N/A
Operating Segments 8 Complied Economies
Financial Instruments 9 Complied* Interest in Joint Ventures 31 N/A
Consolidated Financial Statements 10 Complied Financial Instruments: Presentation 32 Complied*
Joint Arrangements 11 N/A Earnings Per Share 33 Complied
Disclosure of Interests in Other Entities 12 Complied Interim Financial Reporting 34 Complied
Fair Value Measurement 13 Complied* Impairment of Assets 36 Complied
Regulatory Deferral Accounts 14 N/A Provisions, Contingent Liabilities and
37 Complied
Contingent Assets
Revenue from Contracts with Customers 15 Complied*
Intangible Assets 38 Complied
Leases 16 Complied
Investment Property 40 N/A
IAS Agriculture 41 N/A
Name of the IAS Status
No.
Note: N/A - Not Applicable
Presentation of Financial Statements 1 Complied*
* Complied to the extent possible subject to compliance to Bangladesh
Inventories 2 N/A Bank guidelines in these respect which are disclosed in note 2.1.1.
Statement of Cash Flows 7 Complied* New accounting standards not yet adopted
Accounting Policies, Changes in Accounting A number of standards and amendments to standards are
8 Complied issued but not yet effective for annual periods beginning after
estimates & Errors
1 January 2022 and earlier application is permitted. However,
Events After the Reporting Period 10 Complied
the Bank has not early applied the following new standards in
Income Taxes 12 Complied preparing these financial statements. These amendments have
Property, Plant and Equipment 16 Complied no material impact on the financial statements of the Bank.
Employee Benefits 19 Complied IFRS 17 Insurance Contract
Insurance Contract are effective for annual periods beginning on
Accounting for Government Grants and
20 N/A or after 1 January 2023. Earlier adoption is permitted. This has
Disclosure of Government Assistance
not been applied in preparing these consolidated and separate
The Effects of Changes in Foreign Exchange financial statements.
21 Complied
Rates

Amount in BDT
Group Bank
Particulars Note
31 December 2022 31 December 2021 31 December 2022 31 December 2021
3 Cash
Cash in hand (including 3.1 11,829,060,999 7,206,054,519 11,828,999,688 7,205,942,452
foreign currency)
Balance with Bangladesh Bank 3.2 19,764,152,517 17,859,246,555 19,764,152,517 17,859,246,555
and its agent bank(s) (including
foreign currency)
31,593,213,516 25,065,301,074 31,593,152,205 25,065,189,007
3.1 Cash in hand (including foreign currency)

Local currency in hand 11,536,493,717 6,907,706,951 11,536,432,406 6,907,594,884
Foreign currencies in hand 38,640,390 43,680,770 38,640,390 43,680,770
Cash with ATM 253,926,892 254,666,798 253,926,892 254,666,798
11,829,060,999 7,206,054,519 11,828,999,688 7,205,942,452
3.2 Balance with Bangladesh Bank and its

agents bank
Bangladesh Bank
Local currency 18,185,930,172 16,877,337,517 18,185,930,172 16,877,337,517
Foreign currency 574,004,435 217,495,871 574,004,435 217,495,871
18,759,934,607 17,094,833,388 18,759,934,607 17,094,833,388
Sonali Bank as agent of Bangladesh Bank 1,004,217,910 764,413,167 1,004,217,910 764,413,167
19,764,152,517 17,859,246,555 19,764,152,517 17,859,246,555
3.3 Cash Reserve Requirement (CRR) and Statutory Liquidity Ratio (SLR)
Cash Reserve Requirement (CRR) and Statutory Liquidity Ratio (SLR) have been calculated and maintained in accordance with
section 33 of the Banking Companies Act 1991 (as amended up to date) and MPD circular no. 3, dated 9 April 2020, and MPD
circular no. 2, dated 10 December 2013.
3.3.1 Cash Reserve Requirement (CRR)

As per Bangladesh Bank issued MPD Circular no. 3 dated 9 April 2020 [effective from 15 April 2020], all scheduled banks
have to maintain a CRR of a minimum of 3.5% [Y2021: 3.5%] on daily basis and 4.0% [Y2021: 4.0%] on bi-weekly basis based
on weekly average demand and time liabilities excluding inter-bank deposits of immediate preceding two months [i.e., CRR
of December 2022 as based on a weekly average balance of October 2022 ]. CRR maintained by the Bank as per statutory
requirement is shown below:
Average time and demand liabilities 381,261,631,000 333,392,231,000

Required reserve 15,250,288,000 13,332,248,000
Actual reserve maintained* 18,281,241,430 16,798,093,867
Surplus 3,030,953,430 3,465,845,867
* As per Bangladesh Bank statement.
3.3.2 Statutory Liquidity Ratio (SLR)

As per Bangladesh Bank MPD circular no. 2 dated 10 December 2013 [effective from 1 February 2014], all scheduled banks
have to maintain SLR of a minimum of 13.0% of weekly average demand and time liabilities excluding inter-bank deposits of
immediate preceding two months [i.e., SLR of December 2022 was based on a weekly average balance of October 2022]. SLR
maintained by the Bank as per statutory requirement is shown below:
Average time and demand liabilities 381,261,631,000 333,392,231,000

Required reserve 49,564,012,000 43,340,990,000
Actual reserve maintained 60,479,215,914 60,157,585,004
Surplus 10,915,203,914 16,816,595,004

Amount in BDT
Group Bank
Particulars Note
Actual reserve maintained for SLR

Cash in hand 3.1 11,828,999,688 7,205,942,452
Balance with Bangladesh Bank 3,030,953,430 3,465,845,867
in excess of CRR
Balance with Sonali Bank as agent 3.2 1,004,217,910 764,413,167
Government securities (HFT) 6.3 - 2,867,725,460
Government securities (HTM) 6.3 44,615,044,886 45,853,658,058
60,479,215,914 60,157,585,004
4 Balance with other Banks and Financial Institutions

In Bangladesh 4.1 6,962,563,426 303,039,633 6,964,083,717 303,970,186
Outside Bangladesh * 2,001,242,854 745,893,207 1,970,952,374 724,522,589
8,963,806,280 1,048,932,840 8,935,036,091 1,028,492,775
* Details of Balance with outside Bangladesh [solo basis] are shown in “Annexure-A”.
4.1 In Bangladesh
In current deposit account with
Agrani Bank Limited 30,013,390 8,039,907 30,013,390 8,039,907
Sonali Bank Limited 53,884,613 51,532,019 53,884,613 51,532,019
83,898,003 59,571,926 83,898,003 59,571,926
In special notice deposit account with
Trust Bank Limited 3,392,755 38,742,852 3,392,755 38,742,852
Standard Chartered Bank 4,626,335 33,298,687 4,626,335 33,298,687
8,019,090 72,041,539 8,019,090 72,041,539
In beneficiary owner (BO) account with

IFIC Securities Limited - - 1,520,291 930,553
Latif Securities Limited 27,034 28,834 27,034 28,834
Asian Tiger Capital Partners Investments 3,764,632 4,542,667 3,764,632 4,542,667
Limited
3,791,666 4,571,501 5,311,957 5,502,054
In short term & fixed deposit account

with banks and NBFIs
Short term deposit
Community Bank Limited 400,000,000 - 400,000,000 -
Midland Bank Limited 300,000,000 - 300,000,000 -
700,000,000 - 700,000,000 -
Fixed deposit
Investment Corporation of 1,000,000,000 - 1,000,000,000 -
Bangladesh (ICB)
Janata Bank Limited 5,000,000,000 - 5,000,000,000 -
Peoples Leasing & Financial Services Limited 166,854,667 166,854,667 166,854,667 166,854,667
6,166,854,667 166,854,667 6,166,854,667 166,854,667
6,962,563,426 303,039,633 6,964,083,717 303,970,186

Amount in BDT
Group Bank
Particulars Note
4.2 Maturity grouping of balance with other

banks and FIs
Receivable on demand 98,461,588 136,184,966 99,981,879 137,115,519
Up to 1 month 2,698,490,025 745,893,207 2,668,199,545 724,522,589
More than 1 month but not more than 3 6,000,000,000 166,854,667 6,000,000,000 166,854,667
months
More than 3 months but not more than 6 166,854,667 - 166,854,667 -
months
More than 6 months but not more than 1 year - - - -
More than 1 year but not more than 5 years - - - -
More than 5 years - - - -
8,963,806,280 1,048,932,840 8,935,036,091 1,028,492,775
5 Money at call and on short Notice

Investment Corporation of Bangladesh (ICB) 690,000,000 2,230,000,000 690,000,000 2,230,000,000
Bank Alfalah Limited - 300,000,000 - 300,000,000
Midland Bank Limited - 500,000,000 - 500,000,000
Modhumoti Bank Limited - 450,000,000 - 450,000,000
NRB Commercial Bank Limited - 440,000,000 - 440,000,000
South Bangla Agriculture and Commerce - 460,000,000 - 460,000,000
Bank Limited
690,000,000 4,380,000,000 690,000,000 4,380,000,000
6 Investments
Government Securities 6.1 44,618,830,186 48,724,679,719 44,618,830,186 48,724,679,719
Other Investments 6.2 14,276,653,165 12,490,300,959 8,130,259,774 6,887,188,131
58,895,483,351 61,214,980,678 52,749,089,960 55,611,867,850
6.1 Government securities

Treasury bills 6.1.1 - 1,898,040,200 - 1,898,040,200
Treasury bonds 6.1.2 44,615,044,886 46,823,343,319 44,615,044,886 46,823,343,319
Prize bond 3,785,300 3,296,200 3,785,300 3,296,200
44,618,830,186 48,724,679,719 44,618,830,186 48,724,679,719
6.1.1 Treasury bills

91 Days Govt Treasury bill - 399,201,200 - 399,201,200
182 Days Govt Treasury bill - 1,498,839,000 - 1,498,839,000
- 1,898,040,200 - 1,898,040,200
6.1.2 Treasury bonds

2 years Treasury bond 1,999,308,521 7,545,115,386 1,999,308,521 7,545,115,386
44,615,044,886 46,823,343,319 44,615,044,886 46,823,343,319

Amount in BDT
Group Bank
Particulars Note
6.2 Other investments

Unquoted shares 99,088,970 99,088,970 42,847,220 42,847,220
Quoted shares 5,935,547,612 5,140,694,323 2,417,560,594 1,867,558,302
Perpetual Bond 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
Sukuk bond 1,921,465,835 800,000,000 1,698,900,400 800,000,000
Mutual funds 267,986,473 267,986,473 267,986,473 267,986,473
Investment in overseas entity* 554,641,417 5,182,531,193 414,712,523 2,908,796,136
Investment in overseas entity: Held for sale** 4,497,922,859 - 2,288,252,563 -
14,276,653,165 12,490,300,959 8,130,259,774 6,887,188,131
* Investment in overseas entity includes Oman Exchange LLC and MCB Bank Ltd, Pakistan. Details of investment in shares [solo basis] are shown
in “Annexure-B”.
Investment in associates have been measured using the equity method as per IAS 28 in the consolidated financial statements. As per IAS 21, non-
monetary items, including equity investments are measured in terms of Historical cost as such necessary adjustment have been made in exchange
differences associated with the overseas equity investment. The summary of foreign investments of the Bank are as follows:
Particulars Nabil Bank MCB Bank Oman Exchange Total

Investment at revalued amount 2,868,594,736 438,765,454 106,001,865 3,413,362,055
Less: exchange difference 580,342,173 76,457,582 53,597,214 710,396,968
Investment at cost 2,288,252,563 362,307,872 52,404,651 2,702,965,086
** As a part of withdrawal of the investment from Nepal by selling off the entire shares of NBBL held by IFIC Bank PLC as Promoter and to return
the fund to Bangladesh, the NBBL has been merged with Nabil Bank Limited (NBL) of Nepal on 11 July 2022 with a Share Swap Ratio of (1:0.43)
i.e. 0.43 shares of NBL for every share of NBBL. As per the share purchase agreement signed on 13 February 2022, Ms. Sarika Chaudhary will
purchase the shares acquired by IFIC Bank through merger and acquisition. The consideration for this sale as included in the agreement of NPR
6,187,007,568 is expected to be transferred to IFIC Bank in exchange for its shareholding in Nabil Bank Limited within 16 July 2023 subject to
compliance of regulatory norms of Nepal. Subsequent to the merger, the Management of IFIC Bank has classified the investment as held for sale
on 30 September 2022. Consequently, the investment has been measured at the lower of carrying amount and fair value less costs to sell and
presented as a separate line item in the notes to the financial statements.
6.3 Government securities classified

according to Bangladesh Bank Circular
Held for trading (HFT) - 2,867,725,460 - 2,867,725,460
Held to maturity (HTM) 44,615,044,886 45,853,658,058 44,615,044,886 45,853,658,058
Other securities 6.1 3,785,300 3,296,200 3,785,300 3,296,200
44,618,830,186 48,724,679,718 44,618,830,186 48,724,679,719
6.4 Maturity grouping of investments

On demand 3,785,300 2,871,021,660 3,785,300 2,871,021,660
Up to 1 month 1,069,680,778 4,167,431,546 1,069,680,778 4,167,431,546
Over 1 month but not more than 3 months 4,354,423,987 3,113,020,977 1,151,829,427 -
Over 3 months but not more than 6 months 3,869,719,103 4,457,758,516 3,869,719,103 4,457,758,516
Over 6 months but not more than 1 years 3,867,679,577 1,577,272,899 3,867,679,577 1,577,272,899
Over 1 year but not more than 5 years 21,307,410,277 20,406,418,218 21,307,410,277 20,406,418,218
Over 5 years 24,422,784,329 24,622,056,862 21,478,985,498 22,131,965,011
58,895,483,351 61,214,980,678 52,749,089,960 55,611,867,851
6.5 Disclosure regarding outstanding Repo and Reverse Repo

Disclosure regarding outstanding Repo
Sl. Counterparty name Agreement date Reversal date Amount
1 Standard Chartered Bank 27/12/2022 2/1/2023 997,533,000
997,533,000

Amount in BDT
Group Bank
Particulars Note
Disclosure regarding outstanding Reverse Repo

Sl. Counterparty name Agreement date Reversal date Amount
Nil
Total - - -
Disclosure regarding overall transaction of Repo and Reverse Repo

Minimum Maximum Daily average
Counterparty name outstanding in outstanding in outstanding in
Y2022 Y2022 Y2022
Securities sold under Repo
With Bangladesh Bank - - -
With other Banks and FIs 497,507,000 998,120,000 648,444,200
Securities purchased under Reverse Repo
From Bangladesh Bank - - -
From other Banks and FIs 9,125,105 2,484,042,574 678,897,775
7 Loans and Advances

Loans, cash credit, overdraft etc. 7.1 332,876,481,759 287,762,185,345 331,471,884,106 286,490,180,371
Bill purchased and discounted 8 22,982,389,758 18,571,169,498 22,982,389,758 18,571,169,498
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.1 Loans, cash credit, overdraft etc.

Inside Bangladesh
Term loan industrial 15,473,794,536 14,608,501,494 15,473,794,536 14,608,501,494
Term loan consumer finance 686,182,040 215,133,210 686,182,040 215,133,210
Agricultural loan 607,195,583 367,652,240 607,195,583 367,652,240
Term loan women entrepreneur 42,647,310 29,669,565 42,647,310 29,669,565
Term loan-others 115,875,943,526 96,952,673,686 115,875,943,526 102,062,289,452
House building loan 82,580,258,239 59,089,071,780 82,580,258,239 56,850,134,089
Staff loan 977,473,186 1,038,944,894 977,473,186 1,038,944,894
Transport loan 38,414,951 52,318,643 38,414,951 52,318,643
Loan general 1,986,493,982 2,514,115,437 1,986,493,982 2,514,115,437
Demand loan 8,833,968,314 8,136,930,250 8,833,968,314 8,136,930,250
Overdrafts 76,601,124,933 71,868,188,470 79,206,745,250 71,702,383,243
Cash credit 20,415,281,670 22,892,858,455 20,415,281,670 22,892,858,455
Credit card finance 147,634,540 148,003,802 147,634,540 148,003,802
Loan against trust receipt (LTR) 2,725,216,551 3,969,086,761 2,725,216,551 3,969,086,761
Lease finance 144,028,535 186,913,358 144,028,535 186,913,358
Margin loan 4,010,217,971 3,976,877,823 - -
331,145,875,866 286,046,939,868 329,741,278,213 284,774,934,894
Outside Bangladesh
Term Loan-Foreign Currency (OBU) 1,730,605,893 1,715,245,477 1,730,605,893 1,715,245,477
332,876,481,759 287,762,185,345 331,471,884,106 286,490,180,371

Amount in BDT
Group Bank
Particulars Note
7.2 Net loans and advances including bills

purchased and discounted
Total loans and advances 355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
Provision against loans and advances (13,372,559,421) (10,356,216,324) (13,141,262,582) (10,124,919,485)
Interest suspense account (9,562,415,923) (9,904,987,451) (8,061,573,113) (8,404,144,641)
332,923,896,173 286,072,151,068 333,251,438,169 286,532,285,743
7.3 Residual maturity grouping of Loans, cash

credit, overdraft etc.
On demand 57,576,333,868 59,741,508,485 57,576,333,868 59,741,508,485
Up to 1 month 8,706,550,512 8,059,461,437 8,706,550,512 8,059,461,437
Over 1 month but not more than 3 months 22,108,464,706 19,910,043,232 20,703,867,052 18,638,038,258
Over 3 months but not more than 1 years 54,516,449,018 48,231,614,195 54,516,449,018 48,231,614,195
Over 5 years 110,044,796,020 79,594,933,355 110,044,796,020 79,594,933,355
332,876,481,759 287,762,185,345 331,471,884,106 286,490,180,371
7.4 Loans and advances under broad categories

In Bangladesh
Loans 233,254,454,839 190,296,265,571 231,849,857,186 191,894,938,673
Cash credit 20,415,281,670 22,892,858,455 20,415,281,670 22,892,858,455
Overdrafts 79,206,745,250 74,573,061,319 79,206,745,250 71,702,383,243
332,876,481,759 287,762,185,345 331,471,884,106 286,490,180,371
Bill purchased and discounted 8 22,982,389,758 18,571,169,498 22,982,389,758 18,571,169,498
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.5 Loans and advances on the basis of

significant concentration
Loans and advances to Directors,
executives and others
Loans and advances to directors and their - - - -
allied concerns
Loans and advances to Managing Director, 977,473,186 1,038,944,894 977,473,186 1,038,944,894
Senior Executives and Staffs
Advances to customers’ groups 354,881,398,331 305,294,409,949 353,476,800,678 304,022,404,975
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.6 Loans and advances allowed to each

customer exceeding 10% of Bank’s total
capital
Number of customers 20 25
Outstanding - Funded 84,283,300,000 105,830,439,425
Outstanding - Non-funded 31,344,200,000 24,245,200,000
Amount classified - 2,896,395,441
Amount of loans and advances (comprising funded and non funded facilities) to each customer exceeding BDT 4,326.63 million [Y2021 BDT
3,940.60 million] representing 10% of the Bank’s total capital (as defined in Bank Companies Act 1991 as amended) as at 31 December 2022
are furnished in Annexure-C.

Amount in BDT
Group Bank
Particulars Note
7.7 Industry wise position of loans and advances including bills purchased and discounted
Agriculture 1,556,206,067 1,565,239,846 1,556,206,067 1,565,239,846
Jute 5,537,019,975 5,024,594,668 5,537,019,975 5,024,594,668
Textile 19,445,124,895 13,024,952,014 19,445,124,895 13,024,952,014
Garments 48,806,996,382 47,453,561,687 48,806,996,382 47,453,561,687
Chemical and chemical products 129,650,018 87,554,948 129,650,018 87,554,948
Cement 2,874,712,180 4,561,601,319 2,874,712,180 4,561,601,319
Bricks & ceramic 4,006,448,192 4,286,605,832 4,006,448,192 4,286,605,832
Food products & processing 4,368,585,357 4,893,129,859 4,368,585,357 4,893,129,859
Engineering & metal 10,188,878,512 6,264,389,567 10,188,878,512 6,264,389,567
Drugs & pharmaceuticals 2,800,458,403 1,649,611,902 2,800,458,403 1,649,611,902
Hospital & clinics 197,782,914 79,201,766 197,782,914 79,201,766
Paper & paper products 3,210,642,751 3,081,608,710 3,210,642,751 3,081,608,710
Other small industries 11,235,923,048 9,127,798,359 11,235,923,048 9,127,798,359
IT sector 5,298,962,072 4,571,697,852 5,298,962,072 4,571,697,852
Other service industries 25,823,194,719 25,356,805,913 25,823,194,719 25,356,805,913
Trade & commerce 26,251,850,336 23,578,635,978 26,251,850,336 23,578,635,978
Transport 694,646,876 1,154,798,383 694,646,876 1,154,798,383
Construction firms/companies 24,206,131,466 26,251,068,261 24,206,131,466 26,251,068,261
Housing societies/companies 32,700,280,093 33,196,690,742 32,700,280,093 33,196,690,742
Cold storage - 23,053,798 - 23,053,798
Consumer finance 93,003,600,026 63,819,575,809 93,003,600,026 63,819,575,809
Energy 8,635,132,783 8,863,345,743 8,635,132,783 8,863,345,743
Telecommunication 11,097,235,492 10,174,041,517 11,097,235,492 10,174,041,517
NBFI’s 94,793,422 176,529,899 94,793,422 176,529,899
Others 13,694,615,539 8,067,260,471 12,290,017,885 6,795,255,497
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.8 Sector wise position of loans and advances including bills purchased and discounted
Government sector - - - -
Other public sector 793,900,000 737,327,830 793,900,000 737,327,830
Private sector 354,970,178,096 305,419,497,114 353,565,580,442 304,147,492,140
Co-operative sector 94,793,422 176,529,899 94,793,422 176,529,899
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.9 Geographical location-wise loans and advances including bills purchased and discounted
Dhaka division 300,055,753,188 264,173,463,454 298,651,155,535 262,901,458,481
Chittagong division 31,465,631,635 22,050,088,518 31,465,631,635 22,050,088,518
Sylhet division 2,692,733,947 2,037,952,788 2,692,733,947 2,037,952,788
Rajshahi division 7,937,943,741 6,979,974,364 7,937,943,741 6,979,974,364
Khulna division 5,709,287,910 4,745,887,726 5,709,287,910 4,745,887,726
Barisal division 1,295,975,810 1,033,585,492 1,295,975,810 1,033,585,492
Rangpur division 3,891,280,927 3,268,512,452 3,891,280,927 3,268,512,452
Mymensingh division 2,810,264,360 2,043,890,048 2,810,264,360 2,043,890,048
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869

Amount in BDT
Group Bank
Particulars Note
7.10 Business segment-wise concentration of

loans and advances as per CL
Corporate 221,001,296,689 201,726,076,287 219,596,699,036 200,454,071,313
SME 43,719,788,719 40,878,064,266 43,719,788,719 40,878,064,266
Short term agri credit 1,184,684,576 1,197,755,258 1,184,684,576 1,197,755,258
Consumer (including staff) 12,878,348,733 8,038,307,184 12,878,348,733 8,038,307,184
Others 77,074,752,800 54,493,151,848 77,074,752,800 54,493,151,848
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.11 Loans and advances including bills

purchased and discounted as per CL
Continuous loan
Consumer finance 10,783,088,585 6,233,187,978 10,783,088,585 6,233,187,978
Small and medium 26,314,518,136 21,698,317,453 26,314,518,136 21,698,317,453
enterprise
Loans to BHs/MBs/SDs 18,539,376 100,259,020 18,539,376 100,259,020
Other continuous loans 67,460,814,158 68,362,198,323 66,056,216,505 67,090,193,849
104,576,960,255 96,393,962,773 103,172,362,602 95,121,958,300
Demand loans
Consumer finance 59,275,481 496,032,600 59,275,481 496,032,600
Small and medium 2,831,015,071 2,938,732,173 2,831,015,071 2,938,732,173
enterprise
Other demand loans 34,599,394,486 31,572,587,674 34,599,394,486 31,572,587,674
37,489,685,038 35,007,352,447 37,489,685,038 35,007,352,447
Term loan
Consumer finance (including staff, other 2,035,984,667 1,309,086,606 2,035,984,667 1,309,086,606
than HF)
Small and medium enterprise 14,574,255,512 16,241,014,640 14,574,255,512 16,241,014,640
Housing finance (HF) 77,056,213,424 54,392,892,828 77,056,213,424 54,392,892,828
Other fixed term loan 118,941,088,045 101,791,290,290 118,941,088,045 101,791,289,790
212,607,541,648 173,734,284,364 212,607,541,648 173,734,283,864
Short term loan
Short term agri credit 1,184,684,576 1,197,755,258 1,184,684,576 1,197,755,258
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869
7.12 Security/collateral-wise concentration of loans and advances including bills purchased and discounted
Collateral of movable/ 295,219,583,680 261,126,002,710 295,219,583,680 261,126,002,710
immovable assets
Government guarantee 793,900,000 737,327,830 793,900,000 737,327,830
Export documents 374,719,441 963,376,785 374,719,441 963,376,785
Import documents 11,684,920,476 9,737,462,369 11,684,920,476 9,737,462,369
Fixed deposit receipts 13,933,404,724 7,097,306,728 13,933,404,724 7,097,306,728
Personal guarantee 11,490,832,877 9,164,693,768 11,490,832,877 9,164,693,768
Other securities 22,361,510,319 17,507,184,653 20,956,912,665 16,235,179,679
355,858,871,517 306,333,354,843 354,454,273,864 305,061,349,869

Amount in BDT
Group Bank
Particulars Note
7.13 Particulars of loans and advances

i) Loans considered good in respect of which the Bank is fully secured 342,815,817,423 295,748,652,300
ii) Loans considered good for which the Bank holds no other security than the debtors’ 147,623,564 148,003,802
personal guarantee
iii) Loans considered good being secured by personal security of one or more persons in 11,490,832,877 9,164,693,768
addition to the personal security of the debtors
iv) Loans adversely classified; provision not maintained there against - -
354,454,273,864 305,061,349,869
v) Loans due by directors or officers of the banking company or any of these either 977,473,186 1,038,944,894
separately or jointly with any other persons.
vi) Loans due from companies or firms in which the directors of the banking company - -
have interests as directors, partners or managing agents or in case of private
companies as members;
vii) Maximum total amount of advances, including temporary advances made at any 1,042,534,435 1,280,861,121
time during the year to directors or employees of the Bank or any of them either
separately or jointly with any other person
viii) Maximum total amount of advances, including temporary advances granted during - -
the year to the companies or firms in which the directors of the Bank are interested
as directors, partners or managing agents or in the case of private companies as
members
ix) Due from banking companies - -
x) a) Amount of classified loan on which interest has not been charged should be
mentioned as follows:
Increase/(decrease) in specific provision 5,181,472,213 259,951,069
Amount of loan written off - -
Amount recovered against the loans previously written off 972,678,867 310,726,957
b) Amount of provision kept against loans classified as bad/loss as at the Balance 7,917,501,154 2,712,396,000
Sheet date
c) Amount of interest creditable to the interest suspense account 3,199,245,384 1,891,139,777
xi) Cumulative amount of written off loan:
Opening balance 14,053,811,000 14,364,537,957
Recovery from written-off during the year* (972,678,867) (310,726,957)
13,081,132,133 14,053,811,000
* Recovery from written-off loans during the year include interest waiver of BDT 119.79 million
[Y2021: Interest waiver BDT 90.42 million].
7.14 Cumulative amount of written off loans for which law suits have been filed
Opening balance 20,972,282,771 20,972,282,771
During the year - -
20,972,282,771 20,972,282,771
Out of this cumulative amount of written-off loans, no suit could be filed for recovery of Tk. 43.8 million for becoming time barred.
7.15 Classification of loans and advances

Unclassified
Standard 326,329,086,698 280,432,083,081
Special mention account 8,245,802,016 6,041,061,997
334,574,888,714 286,473,145,077

Amount in BDT
Group Bank
Particulars Note
Classified
Substandard 2,836,938,825 5,878,392,145
Doubtful 1,049,672,726 554,384,650
Bad/Loss 15,992,773,598 12,155,427,996
19,879,385,150 18,588,204,792
354,454,273,864 305,061,349,869
7.16 Movements of classified loans and advances

Opening balance 18,588,204,792 10,345,761,856
Additions during the year 18,343,860,359 9,540,602,936
Reduction during the year (17,052,680,000) (1,298,160,000)
19,879,385,150 18,588,204,792
7.17 Disclosure of Document Verification System (DVS)

As per Financial Reporting Council (FRC) letter no. 178/FRC/APR/2021/27(16) dated 07 December 2021 regarding
compliance of BRPD Circular No. 04 dated 04 January 2021 as collection of Audited Financial Statements and Statutory Audit
Report for loan sanction/renewal and BRPD Circular No. 35 dated 06 July 2021 as Financial Statements verified with the
Document Verification System (DVS) of ICAB.
Compliance of BRPD Circular No. 04 Compliance of BRPD Circular No. 35**

Particular
Number % Number %
Complied file 227 56.75% 227 56.75%
Total file 400 400
8 Bills Purchased and Discounted

Payable in Bangladesh 8.1 22,696,734,559 17,698,770,029 22,696,734,559 17,698,770,029
Payable outside Bangladesh 8.1 285,655,199 872,399,469 285,655,199 872,399,469
22,982,389,758 18,571,169,498 22,982,389,758 18,571,169,498
8.1 Bill purchased and discounted

Payable in Bangladesh
Local bills/documents
Inland documentary bill purchase (IDBP) 1,623,617,154 1,031,020,843 1,623,617,154 1,031,020,843
Payment against documents-cash 13,190,413 151,533,538 13,190,413 151,533,538
Payment against documents-EDF 19,587,510,822 14,106,404,764 19,587,510,822 14,106,404,764
Payment against documents-forced (Inland) 833,924,531 2,026,265,027 833,924,531 2,026,265,027
Payment against documents-forced (Foreign) 83,956,276 206,748,211 83,956,276 206,748,211
Payment against documents-Others 554,535,363 176,797,646 554,535,363 176,797,646
22,696,734,559 17,698,770,029 22,696,734,559 17,698,770,029
Payable outside Bangladesh
Foreign documentary bill purchase (FDBP) 110,003,041 525,299,859 110,003,041 525,299,859
Usance Bill Discounted (OBU) 175,652,158 347,099,610 175,652,158 347,099,610
285,655,199 872,399,469 285,655,199 872,399,469
22,982,389,758 18,571,169,498 22,982,389,758 18,571,169,498

Amount in BDT
Group Bank
Particulars Note
8.2 Residual maturity grouping of bill

purchased and discounted
On demand 7,321,669,436 4,705,429,285 7,321,669,436 4,705,429,285
Up to 1 month 4,504,036,805 1,369,883,029 4,504,036,805 1,369,883,029
Over 3 months but not more than 6 months 5,922,808,003 6,838,136,517 5,922,808,003 6,838,136,517
Over 6 months 483,168,144 829,102,227 483,168,144 829,102,227
22,982,389,758 18,571,169,498 22,982,389,758 18,571,169,498
9 Fixed Assets including Premises, Furniture and Fixtures

Cost/revalued:
Land 2,423,609,559 2,423,609,559 2,423,609,559 2,423,609,559
Buildings and premises 1,902,617,204 1,902,617,204 1,902,617,204 1,902,617,204
Wooden furniture 376,268,592 340,479,978 375,353,994 339,565,380
Steel furniture 252,852,611 198,592,399 252,852,611 198,592,399
Computer equipment 1,537,890,629 1,197,409,390 1,524,217,591 1,183,841,452
Office equipment 513,231,465 386,456,865 513,231,465 386,456,865
Electrical & gas equipment 1,668,136,877 1,403,276,130 1,665,286,697 1,400,699,530
Leasehold improvement 1,245,265,335 826,904,498 1,231,228,309 814,168,535
Vehicles 218,424,822 219,419,429 218,424,822 219,419,429
Soft furnishing 12,829,120 13,187,132 12,829,120 13,187,132
Software 1,479,022,873 1,165,198,086 1,476,585,948 1,162,925,786
11,630,149,088 10,077,150,671 11,596,237,320 10,045,083,271
Capital work in progress 366,020,865 124,720,260 366,020,865 124,720,260
11,996,169,953 10,201,870,930 11,962,258,185 10,169,803,531
Right of Use Assets 2,354,397,434 1,872,564,596 2,311,079,457 1,829,246,619
14,350,567,387 12,074,435,526 14,273,337,642 11,999,050,150
Less: Accumulated depreciation 5,047,429,110 4,107,680,761 5,006,508,343 4,076,171,929
Written down value 9,303,138,276 7,966,754,765 9,266,829,299 7,922,878,221
Details of fixed assets [solo basis] are shown in
“Annexure-D”
10 Other Assets
Stationery and stamps 23,354,297 31,089,517 23,354,297 31,089,517
Suspense account 10.1 876,995,266 809,447,215 865,755,661 784,948,535
Advance, deposit and prepayments 10.2 762,007,862 765,190,540 760,822,012 734,274,564
Accrued interest & other income 10.3 1,291,683,852 1,768,551,376 1,017,799,319 1,604,269,943
receivable
Investment in subsidiaries 10.4 - - 2,629,975,999 2,634,706,100
Deferred tax assets 10.5 2,099,957,033 801,844,287 2,098,743,098 801,039,382
Others receivable 41,034,402 68,993,649 39,406,385 68,928,545
5,095,032,712 4,245,116,584 7,435,856,771 6,659,256,586

Amount in BDT
Group Bank
Particulars Note
10.1 Suspense account

Advance against bills, new branches 75,301,114 86,064,559 75,301,114 86,064,559
Advance against TA / DA 541,700 351,450 541,700 351,450
Law charges 360,534,646 324,687,924 360,534,646 324,687,924
Sanchaypatra paid 49,563,369 69,620,739 49,563,369 69,620,739
Wage earners development bond paid 55,105,071 83,662,375 55,105,071 83,662,375
Investment bond - 51,265,500 - 51,265,500
Sundry debtors 84,572,136 134,540,394 73,332,531 110,041,714
Cash incentive audit fees 24,750 1,997,100 24,750 1,997,100
Payment gateway receivable 251,347,612 57,257,174 251,347,612 57,257,174
876,995,266 809,447,215 865,755,661 784,948,535
10.2 Advance, deposit and prepayments

Rent 461,516,244 454,613,073 460,802,604 453,947,643
Security deposit including demand note 5,020,572 4,837,992 5,020,572 4,837,992
Car purchase scheme 136,840,452 134,105,441 136,368,242 133,299,895
Exchange house company 460,514 18,553,419 460,514 18,553,419
Protested bills 71,951,339 44,543,206 71,951,339 44,543,206
Cash remittance - 15,000,000 - 15,000,000
Supplier 86,218,741 64,092,409 86,218,741 64,092,409
IPO application - 29,445,000 - -
762,007,862 765,190,540 760,822,012 734,274,564
10.3 Accrued interest & other income receivable

Treasury bonds and bills 701,603,497 774,805,638 701,603,497 774,805,638
Receivables from Government 41,272,375 41,272,375 41,272,375 41,272,375
Receivables from BB Stimulus Package 42,394,086 - 42,394,086 -
Interest accrued on loans and advances 250,725,833 697,368,089 - 610,428,089
Dividend receivable 93,189,685 248,795,358 70,030,985 171,453,925
Term and call placement 162,498,376 6,309,916 162,498,376 6,309,916
1,291,683,852 1,768,551,376 1,017,799,319 1,604,269,943
10.4 Investment in subsidiaries

IFIC Securities Limited 2,199,994,000 2,199,994,000
IFIC Investment Limited 399,994,000 399,994,000
IFIC Money Transfer (UK) Limited 29,987,999 34,718,100
2,629,975,999 2,634,706,100
10.5 Deferred tax assets

Deferred tax assets have been recognized and measured as per International Accounting Standards 12: Income Taxes and
BRPD Circular no. 11, dated 12 December 2011 based on the temporary difference in the carrying amount of the assets and
liabilities in the financial statements and its tax base. Calculation of deferred tax assets is as follows:
Deferred tax assets 2,327,072,618 1,054,078,589

Deferred tax liabilities (228,329,520) (253,039,206)
Deferred tax assets/(liabilities) 2,098,743,098 801,039,382

Amount in BDT
Group Bank
Particulars Note
i) Deferred tax on provision for loans and advances classified as bad & loss
Carrying amount 6,147,293,014 2,770,106,247
Tax base - -
Deductible/(taxable) temporary difference 6,147,293,014 2,770,106,247
Tax rate 37.50% 37.50%
Closing deferred tax assets/(liabilities) 2,305,234,880 1,038,789,843
Opening deferred tax assets/(liabilities) 1,038,789,843 941,359,974
Deferred tax (expense)/income (A) 1,266,445,037 97,429,869
As per BRPD Circular no. 11 dated 12 December 2011, the Bank may recognise deferred tax assets amounting BDT 3,067,125,000 for provision
against classified loans. However, the Bank has recognised deferred tax assets amounting BDT 2,305,234,880 prudently as per para 27 of IAS 12.
ii) Deferred tax on fixed assets

Carrying amount 5,260,085,265 4,297,193,032
Tax base 4,701,885,878 3,673,101,148
Deductible/(Taxable) temporary difference 558,199,387 624,091,883
Tax rate 37.50% 37.50%
Closing deferred tax assets/(liabilities) (209,324,770) (234,034,456)
Opening deferred tax assets/(liabilities) (234,034,456) (224,738,983)
Deferred tax (expense)/income (B) 24,709,686 (9,295,473)
iii) Deferred tax on leased assets

Right-of-Use Assets 1,220,227,425 1,072,592,599
Less: Lease Liabilities (1,092,233,466) (940,244,227)
Carrying amount 127,993,959 132,348,372
Tax base 186,227,927 173,118,360
Temporary difference 58,233,968 40,769,988
Tax rate 37.50% 37.50%
Closing deferred tax assets/(liabilities) 21,837,738 15,288,746
Opening deferred tax assets/(liabilities) 15,288,746 14,367,050
Deferred tax (expense)/income (C) 6,548,993 921,696
Deferred tax (expense)/income (A+B+C) 1,297,703,716 89,056,092
iv) Deferred tax on land revaluation surplus

Carrying amount 475,118,759 475,118,759
Tax base - -
Temporary difference (475,118,759) (475,118,759)
Tax rate 4.00% 4.00%
Closing deferred tax assets/(liabilities) (19,004,750) (19,004,750)
As per IAS 12: Income Taxes, deferred tax liability arises on revalued amount from non-depreciable assets i.e. Land measured using revaluation
model as per IAS 16 reflecting the tax consequences of recovering the carrying amount through sale. Deferred tax liability arises on revalued
land amount was deducted from revaluation surplus.
10.6 Income generating other assets

Investment in subsidiary-IFIC Securities Limited 2,199,994,000 2,199,994,000
Investment in subsidiary-IFIC Investment Limited 399,994,000 399,994,000
Investment in subsidiary-IFIC Money Transfer (UK) Limited 29,987,999 34,718,100
2,629,975,999 2,634,706,100

Amount in BDT
Group Bank
Particulars Note
10.7 Non-Income generating other assets

Stationery and stamps 23,354,297 31,089,517
Suspense account 865,755,661 784,948,535
Advance, deposit and prepayments 760,822,012 734,274,564
Accrued interest & other income receivable 1,017,799,319 1,604,269,943
Deferred tax assets 2,098,743,098 801,039,382
Receivable others 39,406,385 68,928,545
4,805,880,772 4,024,550,486
11 Non-banking Assets
Income generating - - - -
Non-income generating 11.1 148,474,800 148,474,800 148,474,800 148,474,800
148,474,800 148,474,800 148,474,800 148,474,800
Non-banking assets represents through the verdict of honorable court under section 33(7) of the Artharin Adalat Act 2003, the
Bank has got absolute ownership on mortgaged properties.
11.1 Non-income generating

Balance at the beginning of the year 148,474,800 373,474,800 148,474,800 373,474,800
Less: Sale during the year - (225,000,000) - (225,000,000)
148,474,800 148,474,800 148,474,800 148,474,800
12 Borrowing from other Banks, Financial Institutions and Agents

In Bangladesh 12.1 20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508
Outside Bangladesh - - - -
20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508
12.1 In Bangladesh
Short term borrowing
Commercial Bank of Ceylon Limited 800,000,000 - 800,000,000 -
Uttara Bank Limited 300,000,000 - 300,000,000 -
Dutch Bangla Bank Limited 750,000,000 - 750,000,000 -
Pubali Bank Limited - 257,400,000 - 257,400,000
1,850,000,000 257,400,000 1,850,000,000 257,400,000
Money at call and on short notice
Bank Alfalah Limited 100,000,000 - 100,000,000 -
100,000,000 - 100,000,000 -
Refinance from Bangladesh Bank
Export Development Fund (EDF) 17,319,335,991 11,350,018,583 17,319,335,991 11,350,018,583
Small and Medium Enterprise (SME) 821,857,017 693,717,909 821,857,017 693,717,909
Pre Shipment Credit 15,189,000 - 15,189,000 -
Long Term Financing Facility (LTFF) - 280,679,345 - 280,679,345
Stimulus Package 514,678,365 1,980,219,671 514,678,365 1,980,219,671
18,671,060,373 14,304,635,508 18,671,060,373 14,304,635,508
20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508

Amount in BDT
Group Bank
Particulars Note
12.2 Secured and unsecured borrowing from other banks, financial institutions and agents
Secured borrowing - - - -
Unsecured borrowing 20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508
20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508
12.3 Maturity grouping of borrowing from other banks, financial institutions and agents
Payable
On demand 211,169,412 - 211,169,412 -
Up to 1 month 5,623,867,211 2,499,312,871 5,623,867,211 2,499,312,871
Over 3 months but not more than 1 year 6,735,538,735 5,576,258,646 6,735,538,735 5,576,258,646
Over 1 year but not more than 5 years 169,753,749 238,153,309 169,753,749 238,153,309
Over 5 years - - - -
20,621,060,373 14,562,035,508 20,621,060,373 14,562,035,508
13 Subordinated Debt
Institution wise subscription, redemption, and outstanding amount of the Principal of the Bond are as follows:
Redemption of Outstanding Outstanding
Subscribers Subscribed Amount
Principal 31 December 2022 31 December 2021
IFIC Bank 1st Subordinated debt 3,500,000,000 2,800,000,000 700,000,000 1,400,000,000
IFIC Bank 2nd Subordinated debt 5,000,000,000 - 5,000,000,000 5,000,000,000
IFIC Bank 3rd Subordinated debt 5,000,000,000 - 5,000,000,000 -
13,500,000,000 2,800,000,000 10,700,000,000 6,400,000,000
IFIC Bank 1st Subordinated debt: The Bank issued 1st Non-Convertible, Redeemable, Unsecured Floating Rate Subordinated Bond of
BDT 3,500,000,000 with consent of Bangladesh Securities and Exchange Commission vide letter no. BSEC/CI/DS-32/2015/644 dated
28 December 2015 and Bangladesh Bank vide letter no. BRPD (BFIS) 661/ 14B (P)/2016-938 dated 8 February 2016. The tenure of
the bond is 7 years and the redemption of the Bond has been started from the year 2019 and the Bond will be fully redeemed in the
year 2023.
IFIC Bank 2nd Subordinated debt: The Bank issued 2nd Non-Convertible, Redeemable, Unsecured Floating Rate Subordinated Bond of
BDT 5,000,000,000 with approval of Bangladesh Bank vide letter no. BRPD(BFIS)661/14B(P)/2021-4427 dated 30 May 2021 and
Bangladesh Securities and Exchange Commission vide letter no. BSEC/CI/DS-144/2021/442 dated 30 June 2021. The bond was fully
subscribed on 14 September 2021. The tenure of the bond is 7 years and will be fully redeemed in the year 2028.
IFIC Bank 3rd Subordinated debt: The Bank issued 3rd Non-Convertible, Redeemable, Unsecured Floating Rate Subordinated Bond of
BDT 5,000,000,000 with approval of Bangladesh Bank vide letter no. BRPD(BS)661/14B(P)/2021-12309 dated 28 December 2021
and Bangladesh Securities and Exchange Commission vide letter no. BSEC/CI/DS-180/2021/838 dated 1 June 2022. The bond was
fully subscribed on 29 September 2022. The tenure of the bond is 7 years and will be fully redeemed in the year 2029.
14 Deposits and other Accounts

Current deposit and other 14.1 148,580,323,584 124,268,243,060 148,611,910,560 124,658,938,392
accounts
Bills payable 14.2 2,457,173,551 2,455,215,075 2,457,173,551 2,455,215,075
Savings bank deposits 14.3 24,846,308,549 25,716,666,242 24,846,308,549 25,716,666,242
Fixed deposits 14.4 199,668,901,468 180,311,135,461 199,669,082,862 180,311,312,466
375,552,707,152 332,751,259,838 375,584,475,522 333,142,132,175

Amount in BDT
Group Bank
Particulars Note
14.1 Current deposit and other accounts

Current accounts 29,754,953,732 28,601,010,805 29,786,540,708 28,991,706,137
IFIC AAMAR account 106,027,328,084 84,534,779,576 106,027,328,084 84,534,779,576
IFIC Shohoj Account 3,419,523,239 2,206,278,446 3,419,523,239 2,206,278,446
Foreign currency deposit 535,199,002 465,580,396 535,199,002 465,580,396
Resident foreign currency deposit 65,777,513 47,351,241 65,777,513 47,351,241
Exporters foreign currency account 6,197,306,082 4,927,473,452 6,197,306,082 4,927,473,452
Margin on letters of credit 1,423,513,797 2,442,055,354 1,423,513,797 2,442,055,354
Margin on letters of guarantee 389,406,356 427,373,315 389,406,356 427,373,315
Sundry deposit 14.1.1 767,315,779 616,340,475 767,315,779 616,340,475
148,580,323,584 124,268,243,060 148,611,910,560 124,658,938,392
14.1.1 Sundry deposit

Sundry creditor 61,316,698 63,022,290 61,316,698 63,022,290
Lease deposit 9,893,043 12,184,388 9,893,043 12,184,388
Risk fund-lease, CCS & others 218,057 218,057 218,057 218,057
Clearing collection 49,281,777 41,720,060 49,281,777 41,720,060
Card deposit 443,093,684 239,180,556 443,093,684 239,180,556
FDD issued but not presented 13,596,339 13,596,339 13,596,339 13,596,339
Key deposit 7,021,100 6,179,275 7,021,100 6,179,275
Other sundry deposits 182,895,081 240,239,510 182,895,081 240,239,510
767,315,779 616,340,475 767,315,779 616,340,475
14.2 Bills payable

Payment order 2,450,538,811 2,448,304,854 2,450,538,811 2,448,304,854
Demand draft 4,768,662 5,019,143 4,768,662 5,019,143
Security deposit receipt 1,866,078 1,891,078 1,866,078 1,891,078
2,457,173,551 2,455,215,075 2,457,173,551 2,455,215,075
14.3 Savings bank deposit

Savings account 20,098,901,777 20,023,803,605 20,098,901,777 20,023,803,605
Super savings plus 3,372,872,295 4,188,104,934 3,372,872,295 4,188,104,934
Payroll savings 370,952,733 424,005,964 370,952,733 424,005,964
Sanchita-female savings 1,001,937,315 1,079,925,267 1,001,937,315 1,079,925,267
Interest payable on savings deposit 1,644,429 826,472 1,644,429 826,472
24,846,308,549 25,716,666,242 24,846,308,549 25,716,666,242
14.4 Fixed deposit

Special notice deposit (SND) 17,453,657,947 23,223,232,783 17,453,839,341 23,223,409,788
Term deposit 14.4.1 167,606,568,227 144,220,156,154 167,606,568,227 144,220,156,154
Recurring deposit 14.4.2 13,950,659,470 12,275,043,362 13,950,659,470 12,275,043,362
Non resident foreign currency deposit (NFCD) 81,605,776 5,644,223 81,605,776 5,644,223
Export retention quota (ERQ) 576,410,048 587,058,939 576,410,048 587,058,939
199,668,901,468 180,311,135,461 199,669,082,862 180,311,312,466

Amount in BDT
Group Bank
Particulars Note
14.4.1 Term deposit

Fixed deposits 156,292,861,018 132,543,381,638 156,292,861,018 132,543,381,638
Double return deposit scheme 3,576,336,722 4,590,934,371 3,576,336,722 4,590,934,371
Three years deposit plus 3,467,505 3,467,505 3,467,505 3,467,505
Monthly income scheme 4,850,103,971 4,533,385,577 4,850,103,971 4,533,385,577
Monthly income scheme - Arjon 21,550,000 28,250,000 21,550,000 28,250,000
Interest payable on term deposit 2,862,249,011 2,520,737,063 2,862,249,011 2,520,737,063
167,606,568,227 144,220,156,154 167,606,568,227 144,220,156,154
14.4.2 Recurring deposit

Pension savings scheme (PSS) 4,417,877,394 5,349,419,726 4,417,877,394 5,349,419,726
Pension savings scheme - Joma 9,903,208 7,274,258 9,903,208 7,274,258
Flexi DPS - Freedom 1,194,379,581 1,235,735,258 1,194,379,581 1,235,735,258
Millionaire dream plan 327,509,963 593,715,441 327,509,963 593,715,441
School savings plan 19,952,554 20,760,138 19,952,554 20,760,138
IFIC Aamar Bhobishawt 7,512,666,591 4,645,038,197 7,512,666,591 4,645,038,197
Interest payable on recurring deposit 468,370,179 423,100,344 468,370,179 423,100,344
13,950,659,470 12,275,043,362 13,950,659,470 12,275,043,362
14.5 Deposit and other accounts of the banks

Deposit form banks 14.8 4,590,681,278 5,932,059,665 4,590,681,278 5,932,059,665
Deposit from customers 370,962,025,873 326,819,200,173 370,993,794,244 327,210,072,510
375,552,707,152 332,751,259,838 375,584,475,522 333,142,132,175
14.6 Payable on demand and time deposit

Demand deposits
Current deposits 145,999,906,255 116,447,526,618 146,031,674,625 116,838,398,955
Savings deposits 2,236,167,769 2,314,499,962 2,236,167,769 2,314,499,962
Sundry deposit 2,580,235,933 3,485,769,146 2,580,235,933 3,485,769,146
Bills payable 2,457,173,551 2,455,215,075 2,457,173,551 2,455,215,075
153,273,483,508 124,703,010,801 153,305,251,878 125,093,883,138
Time deposits
Savings deposits 22,610,140,779 23,402,166,280 22,610,140,779 23,402,166,280
Fixed deposits 168,592,094,014 149,741,345,048 168,592,094,014 149,741,345,048
Special notice deposits 17,453,839,341 23,223,409,788 17,453,839,341 23,223,409,788
Deposits under schemes 13,623,149,510 11,681,327,921 13,623,149,510 11,681,327,921
222,279,223,644 208,048,249,037 222,279,223,644 208,048,249,037
375,552,707,152 332,751,259,838 375,584,475,522 333,142,132,175
14.7 Sector-wise concentration of deposits and other accounts

Government deposits 6,242,116,389 4,355,948,240 6,242,116,389 4,355,948,240
Other public sector 32,646,311,003 29,589,959,210 32,646,311,003 29,589,959,210
Deposit from banks 4,590,681,278 5,932,059,665 4,590,681,278 5,932,059,665
Foreign currency deposits 7,456,298,421 5,440,405,089 7,456,298,421 6,033,108,251
Private sectors 324,617,300,061 287,432,887,634 324,649,068,431 287,231,056,809
375,552,707,152 332,751,259,838 375,584,475,522 333,142,132,175

Amount in BDT
Group Bank
Particulars Note
14.8 Residual maturity grouping of deposits and other accounts

Maturity grouping of deposit from banks
On demand 90,681,278 - 90,681,278 -
Up to 1 month 2,500,000,000 1,092,059,665 2,500,000,000 1,092,059,665
Over 1 month but not more than 3 months - 4,840,000,000 - 4,840,000,000
Over 3 months but not more than 1 year 2,000,000,000 - 2,000,000,000 -
Over 1 year but not more than 5 years - - - -
Over 5 years - - - -
4,590,681,278 5,932,059,665 4,590,681,278 5,932,059,665
Maturity grouping of deposit from customers excluding bills payable

On demand 20,283,284,971 4,311,178,360 20,283,284,971 4,311,178,360
Up to 1 month 44,431,641,346 39,972,353,212 44,431,641,346 39,972,353,212
Over 3 months but not more than 1 year 65,992,157,613 67,147,490,488 65,992,157,613 67,147,490,488
Over 5 years 113,712,131,312 116,856,029,148 113,743,899,683 117,246,901,485
368,504,852,323 324,363,985,099 368,536,620,693 324,754,857,436
Maturity grouping of bills payable
On demand 245,717,355 245,521,507 245,717,355 245,521,507
Up to 1 month 491,434,710 491,043,015 491,434,710 491,043,015
Over 1 month but not more than 3 months 491,434,710 491,043,015 491,434,710 491,043,015
Over 3 months but not more than 1 year 245,717,355 245,521,507 245,717,355 245,521,507
Over 1 year but not more than 5 years 491,434,710 491,043,015 491,434,710 491,043,015
Over 5 years 491,434,710 491,043,015 491,434,710 491,043,015
2,457,173,551 2,455,215,074 2,457,173,551 2,455,215,074
375,552,707,152 332,751,259,838 375,584,475,522 333,142,132,175
14.9 Unclaimed deposits 38,627,879 48,054,519 38,627,879 48,054,519

As per Bank Company Act 1991, Section 35 and BB circular letter no. BRPD 10 dated 12 September 2018, if any money or
valuable asset (except deposits from Government, minor or litigation) is unclaimed for ten years or above as of 31 December
every year, a three months’ notice will be given to depositors respective. Based on the response from the concerned
depositors by following three months, amount will be paid to them otherwise unclaimed deposit will be deposited to
Bangladesh Bank by 30 April 2023. We reported BDT 38,627,879 as 10 years and above unclaimed deposit amount as on 31
December 2022 (cut off basis) to Bangladesh Bank.
15 Other Liabilities
Specific provision for classified 15.1 8,179,000,000 2,997,527,787 8,179,000,000 2,997,527,787
loans and advance
General provision for unclassified 15.2 2,848,424,820 5,192,351,537 2,617,127,981 4,961,054,698
loans and advances
Special general provision 15.3 2,345,134,601 2,166,337,000 2,345,134,601 2,166,337,000
COVID-19
Provision for loans and advance 13,372,559,422 10,356,216,324 13,141,262,582 10,124,919,485
Provision for off balance sheet items 15.4 609,606,885 621,730,502 609,606,885 621,730,502
Provision for diminution in value 15.5 374,432,024 358,478,621 360,938,975 358,478,621
of investments
Provision for other assets 15.6 515,765,802 466,301,366 515,765,802 466,301,366
Provision for loans, investments and 14,872,364,133 11,802,726,813 14,627,574,244 11,571,429,974
other assets

Amount in BDT
Group Bank
Particulars Note
Provision for taxation (net off AIT) 15.7 2,198,765,185 1,998,094,538 2,210,615,842 2,014,520,058
Interest suspense accounts 15.8 9,562,415,923 9,904,987,451 8,061,573,113 8,404,144,641
Incentive bonus 15.9 363,570,000 301,450,000 361,000,000 300,000,000
Unclaimed dividend account 15.10 - - - -
Start-up fund 15.11 55,079,377 25,375,187 55,079,377 25,375,187
Lease Liability 1,123,499,027 975,132,232 1,092,233,466 940,244,227
Rebate to good borrowers 21,870,000 21,870,000 21,870,000 21,870,000
Interest payable on borrowing and bond 330,178,432 164,838,687 330,178,432 164,838,687
Accrued expenses 157,609,304 195,642,297 136,973,946 146,996,973
Withholding Tax payable to government * 518,120,849 339,532,006 518,039,989 339,508,941
Withholding VAT payable to government * 147,808,457 124,135,680 147,723,483 124,122,430
Excise duty payable to government * 469,822,779 361,821,170 469,822,779 361,821,170
Revaluation of investment abroad - 30,946,297 - 30,946,297
Payable against Govt Bond & Sanchaypatra 69,075,648 36,387,851 69,075,648 36,387,851
Others 175,059,708 170,356,249 174,740,848 170,210,968
30,065,238,822 26,453,296,458 28,276,501,168 24,652,417,404
* Subsequently deposited to government exchequer.
15.1 Specific provision for classified loans and advances

Provision held at the beginning of the year 2,997,527,787 2,737,576,718 2,997,527,787 2,737,576,718
Add: Recoveries of amounts previously 852,890,685 220,307,550 852,890,685 220,307,550
written off
Add: Specific provision for the year 41 4,328,581,529 39,643,519 4,328,581,529 39,643,519
8,179,000,000 2,997,527,787 8,179,000,000 2,997,527,787
15.1.1 Specific provision required for classified loans and advances

Required provision
Status of loans and advances Base for provision Rate (%) 31 December 31 December
2022 2021
Sub-standard 423,793,783 20% 84,758,757 215,036,451
Sub-standard-Cottage, Micro and Small 155,665,582 5% 7,783,279 11,130,547
Sub-standard- Short term agri. credit 67,371,141 5% 3,368,557 1,254,542
Doubtful 252,819,498 50% 126,409,749 39,279,027
Doubtful-Cottage, Micro and Small 193,448,978 20% 38,689,796 18,186,239
Doubtful- Short term agri. credit 9,774,152 5% 488,708 244,981
Bad/loss* 7,917,501,154 100% 7,917,501,154 2,712,396,000
9,020,374,288 8,179,000,000 2,997,527,787
Specific provision maintained (note-15.1) 8,179,000,000 2,997,527,787
Excess/(short) - -
* As per Bangladesh Bank instruction, BDT 12 million has been maintained as an additional provision against rescheduling loans against 2% down
payment in line with the BRPD Circular No. 05 dated 16 May 2019.

Amount in BDT
Group Bank
Particulars Note
15.2 General provision for un-classified loans & advances

Provision held at the beginning of 5,171,728,085 3,677,041,823 4,940,431,246 3,445,744,984
the year
Provision made/(release) during the year 41 (2,342,365,847) 1,494,686,262 (2,342,365,847) 1,494,686,262
2,829,362,238 5,171,728,085 2,598,065,399 4,940,431,246
Off-shore Banking Unit (OBU)
Provision held at the beginning of 20,623,452 22,947,035 20,623,452 22,947,035
the year
Provision made/(release) 41 (1,560,870) (2,323,583) (1,560,870) (2,323,583)
during the year
19,062,582 20,623,452 19,062,582 20,623,452
2,848,424,820 5,192,351,537 2,617,127,981 4,961,054,698
15.2.1 General provision required for un-classified loans and advances

Required provision
Status of loans and advances Base for provision Rate (%) 31 December 31 December
2022 2021
Standard
Small and medium enterprise 31,791,122,686 0.25% 79,477,807 57,477,714
Consumer finance (house building) 72,944,171,087 1.00% 729,441,711 523,791,862
Loans to LP/BHs/MBs/SDs share etc. 18,539,376 2.00% 370,788 2,005,180
Consumer finance 1,341,511,229 2.00% 26,830,225 134,304,882
Consumer finance (card) 94,583,645 2.00% 1,891,673 2,354,712
Short term agri. and micro-credit 856,558,458 1.00% 8,565,585 9,261,269
Staff loan 950,745,186 0.00% - -
Other unclassified loan 162,715,670,588 1.00% 1,627,156,706 4,116,236,537
270,712,902,253 2,473,734,495 4,845,432,156
Special Mention Account (SMA)
Small and medium enterprise 426,833,052 0.25% 1,067,083 527,443
Consumer finance (house building) 1,687,492,042 1.00% 16,874,920 6,843,121
Consumer finance 158,954,013 2.00% 3,179,080 990,915
Consumer finance (card) 2,535,680 2.00% 50,714 58,377
Other unclassified loan ** 5,969,987,229 1.00% 103,159,107 86,579,235
8,245,802,016 124,330,904 94,999,091
Off-shore banking unit
Un-classified loans 1,906,258,052 1.00% 19,062,581 20,623,451
1,906,258,052 19,062,581 20,623,451
2,617,127,981 4,961,054,698
General provision maintained (note-15.2) 2,617,127,981 4,961,054,698
Excess/(short) - -
* Provision requirement of BDT 4,196.70 million against loans and advances to be maintained in the year 2023 as per Bangladesh Bank letter no
DOS(CAMS)1157/41(Dividend)/2023-2116 dated 25 April 2023.
** 1% additional provision has been maintained against the restructured loan in line with the BRPD Circular No. 04, dated 29 January 2015.
Details Restructured Loan are shown in Annexure-J.

Amount in BDT
Group Bank
Particulars Note
15.3 Special general provision COVID-19

Provision held at the beginning of 2,166,337,000 1,200,000,000 2,166,337,000 1,200,000,000
the year
Provision made/(release) during 41 178,797,601 966,337,000 178,797,601 966,337,000
the year
2,345,134,601 2,166,337,000 2,345,134,601 2,166,337,000
2% additional provision has been maintained against the facilities for which payment was deferred during COVID-19 as per BRPD Circular No.
53 dated 22 December 2022.
15.4 Provision for off-balance sheet

the year
Provision made/(release) during 41 (12,123,617) 186,321,413 (12,123,617) 186,321,413
the year
609,606,885 621,730,502 609,606,885 621,730,502
15.4.1 Provision required for off-balance sheet exposure

Required provision
Status Base for provision Rate (%)
Acceptances and endorsements 39,758,619,159 1.00% 397,586,192 284,847,245
Letters of guarantee * 8,025,221,783 1.00% 92,758,249 98,630,765
Irrevocable letters of credit 11,926,244,318 1.00% 119,262,443 238,252,492
Required provision 609,606,885 621,730,502
Provision maintained (note-15.3) 609,606,885 621,730,502
Excess/(short) - -
As per Bangladesh Bank instruction, BDT 537,544 and BDT 11,968,588 have been maintained as an additional provision
against a letter of guarantee of M/s. Hannan Works and M/s ATCO International, respectively.
15.5 Provision for diminution in value of investments

the year
Provision made/(release) during 41 15,953,403 4,002,860 2,460,354 4,002,860
the year
374,432,024 358,478,621 360,938,975 358,478,621
15.6 Provision for other assets

the year
Provision made/(release) during 41.1 49,464,436 13,831,955 49,464,436 13,831,955
the year
515,765,802 466,301,366 515,765,802 466,301,366
15.6.1 Particulars of required provision for other assets

Required provision
Status Base for provision Rate (%)
Doubtful 59,360,647 50% 29,680,324 13,203,835
Bad Loss 486,085,479 100% 486,085,479 453,097,532
Required provision 515,765,802 466,301,366
Provision maintained (note-15.6) 515,765,802 466,301,366
Excess/(Short) - -

Amount in BDT
Group Bank
Particulars Note
15.7 Provision for taxation (net off AIT)

Provision for tax 15.7.1 10,219,232,960 8,637,469,873 9,711,975,681 8,238,953,276
Advance income tax 15.7.2 8,020,467,776 6,639,375,335 7,501,359,839 6,224,433,218
2,198,765,185 1,998,094,538 2,210,615,842 2,014,520,058
15.7.1 Provision for tax

Provision held at the beginning of the year 8,637,469,873 8,398,477,805 8,238,953,276 8,133,240,938
Provision made during the year 2,835,201,785 2,712,105,506 2,726,461,102 2,578,825,776
11,472,671,658 11,110,583,311 10,965,414,379 10,712,066,714
Less: Settlement of tax on stock dividend (85,043,378) (80,993,694) (85,043,378) (80,993,694)
Less: Settlement of year 2018 (1,168,395,320) - (1,168,395,320) -
Less: Settlement of years 2016 and 2017 - (2,392,119,744) - (2,392,119,744)
10,219,232,960 8,637,469,873 9,711,975,681 8,238,953,276
15.7.2 Advance income tax

Opening balance on 1 January 6,639,375,335 6,932,516,876 6,224,433,218 6,598,635,166
Add: Payment made during the year 2,549,487,761 2,098,978,203 2,445,321,941 2,017,917,796
Less: Settlement of year 2018 (1,168,395,320) - (1,168,395,320) -
Less: Settlement of years 2016 and 2017 - (2,392,119,744) - (2,392,119,744)
Closing balance 8,020,467,776 6,639,375,335 7,501,359,839 6,224,433,218
15.7.3 Reconciliation of effective tax (Bank only)

Particulars
% Taka % Taka
Profit before Income tax as per Profit & 4,399,176,427 4,465,040,901
Loss Account
Income Tax as per applicable tax rate 37.50% 1,649,691,160 37.50% 1,674,390,338
Factors affecting the tax charge for
current year:
Non deducible expense/(Tax Savings) 26.82% 1,179,764,810 26.11% 1,165,824,243
Tax savings from reduced tax rates from -0.50% (22,017,986) -0.98% (43,885,345)
dividend
Tax savings from reduced tax rates from -0.02% (976,882) -6.85% (305,952,159)
capital gains on Share
Provision adjustment -1.82% (80,000,000) 1.98% 88,448,699
Change in recognised deductible -29.50% (1,297,703,716) -1.99% (89,056,092)
temporary differences
Total income tax expenses 32.48% 1,428,757,387 55.76% 2,489,769,685
15.8 Interest suspense account

Balance at the beginning of the year 9,904,987,451 8,972,123,118 8,404,144,641 7,471,280,308
Add: Amount transferred to interest 3,199,245,384 1,891,139,777 3,199,245,384 1,891,139,777
suspense account
Less: Amount transferred to interest (3,541,816,912) (958,275,444) (3,541,816,912) (958,275,444)
income account
9,562,415,923 9,904,987,451 8,061,573,113 8,404,144,641

Amount in BDT
Group Bank
Particulars Note
15.9 Incentive bonus

Balance at the beginning of the year 300,000,000 - 300,000,000 -
Add: Provision made during the year 362,570,000 301,450,000 360,000,000 300,000,000
Less: Paid during the year (299,000,000) - (299,000,000) -
363,570,000 301,450,000 361,000,000 300,000,000
15.10 Unclaimed dividend account

More than 5 years & above - - - -
- - - -
Unclaimed or undistributed dividend amounting BDT 7,677,503.50 has been transferred to the Capital Market Stabilization Fund (CMSF) as per
the notification: SEC/SRMIC/165-2020/part-1/166 dated 06 July 2021 issued by the Bangladesh Securities and Exchange Commission (BSEC).
15.11 Start-up fund

Balance at the beginning of the year 25,375,187 - 25,375,187 -
Transfer from previous year profit - 5,622,475 - 5,622,475
Transferred from current year profit 29,704,190 19,752,712 29,704,190 19,752,712
55,079,377 25,375,187 55,079,377 25,375,187
In line with the direction of SME&SP Circular no. 05 dated 26 April 2021, Bank transferred BDT 29,704,190 to Start-up fund which is equivalent
to 1% of profit after tax of Y2022.
16 Share Capital
16.1 Authorized Capital
4,000,000,000 ordinary shares of Taka 10 40,000,000,000 40,000,000,000 40,000,000,000 40,000,000,000
each
16.2 Issued, subscribed and fully paid up capital

8,000,000 ordinary shares of Taka 80,000,000 80,000,000 80,000,000 80,000,000
10 each issued for cash
4,400,000 ordinary shares of Taka 16.2.1 44,000,000 44,000,000 44,000,000 44,000,000
10 each issued as rights share
563,821,907 ordinary shares of 16.2.2 5,638,219,070 5,638,219,070 5,638,219,070 5,638,219,070
Taka 10 each issued as rights share
1,209,689,032 [Year 2021: 12,096,890,320 11,246,456,540 12,096,890,320 11,246,456,540
1,124,645,654] ordinary shares of
Taka 10 each issued for bonus share
17,859,109,390 17,008,675,610 17,859,109,390 17,008,675,610
16.2.1 The Bank raised paid-up capital of Tk. 44,000,000 through Rights Issue of 440,000 no. of ordinary shares at a ratio of 1R:2
i.e. one rights share for two existing share at par in the year 1989 which was completed in the month of January 1990, before
change of denomination from Tk. 100 to Tk. 10 which was effected from 4 December 2011.
16.2.2 The Bank raised paid-up capital of Tk. 5,638,219,070 through Rights Issue of 563,821,907 no. of ordinary shares at a ratio of
1R:1 i.e. one rights share for one existing share at par in the year 2017.

Amount in BDT
Group Bank
Particulars Note
16.3 Issued, subscribed and fully paid up Capital-Shareholders’ Category

1,201,050,868 [Year 2021: 1,143,857,969 12,010,508,680 11,438,579,690 12,010,508,680 11,438,579,690
ordinary shares of Taka 10 each fully paid
held by the Sponsors, Directors, Institutions,
Foreign investors & General Public.
584,860,071 [Year 2021: 557,009,592 5,848,600,710 5,570,095,920 5,848,600,710 5,570,095,920
ordinary shares of Taka 10 each fully paid
held by the Government of the People’s
Republic of Bangladesh.
17,859,109,390 17,008,675,610 17,859,109,390 17,008,675,610
16.4 Shareholding by category

Category
No. of Share % Taka No. of Share % Taka
Sponsors & Directors 109,728,426 6.14 1,097,284,260 104,503,264 6.14 1,045,032,640
Government (Director also) 584,860,071 32.75 5,848,600,710 557,009,592 32.75 5,570,095,920
Sub-Total 694,588,497 38.89 6,945,884,970 661,512,856 38.89 6,615,128,560
Institutions 373,973,083 20.94 3,739,730,830 341,002,821 20.05 3,410,028,210
Foreign investors 19,757,607 1.11 197,576,070 18,213,583 1.07 182,135,830
General investors 697,591,752 39.06 6,975,917,520 680,138,301 39.99 6,801,383,010
Sub-Total 1,091,322,442 61.11 10,913,224,420 1,039,354,705 61.11 10,393,547,050
Total 1,785,910,939 100.00 17,859,109,390 1,700,867,561 100.00 17,008,675,610
The Government is representing in the Board of the Bank by nomination 03 (Three) Directors and as such, Sponsors & Directors are at
present holding 38.89% shares of the Bank.
16.5 Distribution of paid up capital

Holding of share
No. of holder Total shares % No. of holder Total shares %
1 to 500 shares 16,423 2,467,502 0.14 18,350 3,184,371 0.19
501 to 5,000 shares 25,738 50,770,815 2.84 25,299 49,539,780 2.91
5,001 to 10,000 shares 4,945 35,232,750 1.97 5,166 40,079,371 2.36
10,001 to 20,000 shares 3,821 53,129,007 2.97 3,500 52,209,270 3.07
20,001 to 30,000 shares 1,460 35,600,808 1.99 1,504 38,155,499 2.24
30,001 to 40,000 shares 805 27,699,801 1.55 716 25,365,319 1.49
40,001 to 50,000 shares 491 22,384,231 1.25 565 26,531,614 1.56
50,001 to 100,000 shares 1,092 76,294,912 4.27 1,090 80,345,915 4.72
100,001 to 1,000,000 shares 925 241,164,499 13.50 930 243,338,968 14.31
More than 1,000,000 shares 117 1,241,166,614 69.50 114 1,142,117,454 67.15
Total 55,817 1,785,910,939 100 57,234 1,700,867,561 100

Amount in BDT
Group Bank
Particulars Note
16.6 Shareholding of Directors

Sl. Name of the Directors Status Holding % Closing Position Opening Position
1 Mr. Salman F Rahman Chairman 2.00 35,728,274 34,026,928
2 Mr. Ahmed Shayan Fazlur Rahman* Vice-Chairman 2.11 37,701,652 35,906,336
3 Mr. A. R. M. Nazmus Sakib** Director 2.03 36,298,500 34,570,000
4 Ms. Rabeya Jamali Independent Director Nil Nil Nil
5 Mr. Sudhangshu Shekhar Biswas Independent Director Nil Nil Nil
6 Ms. Quamrun Naher Ahmed*** Govt. nominated Director
7 Mr. Md. Zafar Iqbal, ndc*** Govt. nominated Director 32.75 584,860,071 557,009,592
8 Mr. Md. Golam Mostofa*** Govt. nominated Director
9 Mr. Mohammad Shah Alam Sarwar Managing Director & CEO Nil Nil Nil
* Represents M/s. New Dacca Industries Limited against its holding of 2.11% shares in the Bank.
** Represents M/s. Tradenext International Limited against its holding of 2.03% shares in the Bank.
*** Directors nominated by the Ministry of Finance, the Govt. of the People’s Republic of Bangladesh against its holding of 32.75% shares in the
Bank.
16.7 Capital Adequacy Ratio (BASEL-III)

As per section 13(2) of the Banking Companies Act, 1991 (as amended to date), BRPD circular no. 18 dated 21 December 2014,
the Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for banks in line with Basel-III) was issued
and effective from 1 January 2015. Capital to Risk-weighted Asset Ratio (CRAR) is calculated as follows:
Common Equity Tier 1 (going-concern capital)
Common Equity Tier 1 Capital
Paid-up capital 16.2 17,859,109,390 17,008,675,610 17,859,109,390 17,008,675,610
Statutory reserve 17 8,672,124,215 7,757,784,033 8,637,619,318 7,757,784,033
General reserve 18 155,071,397 155,071,397 155,071,397 155,071,397
Retained earnings 21 6,708,860,161 5,060,974,278 3,232,601,924 2,022,156,139
33,395,165,163 29,982,505,318 29,884,402,029 26,943,687,179
Less: Regulatory Adjustments:
Deduction from Tier-1 Capital (95% of 2,189,973,136 986,850,351 2,189,973,136 986,850,351
deferred tax assets)
Total Common Equity Tier 1 Capital 31,205,192,027 28,995,654,967 27,694,428,893 25,956,836,829
Additional Tier 1 Capital - - - -
Total Tier 1 Capital 31,205,192,027 28,995,654,967 27,694,428,893 25,956,836,829
Tier-2 (Gone-Concern Capital)
General provision 5,803,166,306 7,980,419,039 5,571,869,467 7,749,122,200
Subordinated debt that meet the 10,000,000,000 5,700,000,000 10,000,000,000 5,700,000,000
qualifying criteria for Tier 2
Total Tier-2 Capital 15,803,166,306 13,680,419,039 15,571,869,467 13,449,122,200
Total Regulatory Capital (A) 47,008,358,333 42,676,074,006 43,266,298,360 39,405,959,028
Total assets including off-balance sheet 540,483,051,186 481,786,790,565 535,207,743,723 477,261,384,088

items
Total risk-weighted Assets 345,161,463,356 307,228,347,016 338,564,420,710 300,759,135,061
Required capital @12.5% (B) 43,145,182,920 38,403,543,377 42,320,552,589 37,594,891,883
Total capital surplus/(Deficit) C=(A-B) 3,863,175,413 4,272,530,629 945,745,771 1,811,067,146

Amount in BDT
Group Bank
Particulars Note
Capital to Risk-weighted Asset Ratio (CRAR):

Common Equity Tier 1 to RWA 9.04% 9.44% 8.18% 8.63%
Tier - 1 Capital to RWA 9.04% 9.44% 8.18% 8.63%
Tier - 2 Capital to RWA 4.58% 4.45% 4.60% 4.47%
Capital to Risk-weighted Asset Ratio (CRAR) 13.62% 13.89% 12.78% 13.10%
Details computation of risk-weighted assets [solo basis] are shown in “Annexure - E”
17 Statutory Reserve
Transferred from profit during the year 914,340,182 893,008,180 879,835,285 893,008,180
8,672,124,215 7,757,784,033 8,637,619,318 7,757,784,033
18 General Reserve 155,071,397 155,071,397 155,071,397 155,071,397
General reserve also includes the surplus provision of Tk. 99,300,000 against the restructured large loan of RR Holdings which
was transferred from the specific provision in the year 2015 as per BRPD Circular No. 04 dated 29 January 2015 and extra
ordinary foreign exchange gain of Tk. 28,559,248 transferred from profit in the year 2010.
19 Revaluation Reserve Against Securities

Addition/(adjustment) during the year 29,037,055 (41,827) 29,037,055 (41,827)
109,963,943 80,926,888 109,963,943 80,926,888
20 Revaluation Reserve against Fixed Assets

Transfer to deferred tax liability - - - -
96,309,954 96,309,954 96,309,954 96,309,954
20.a Consolidated foreign currency translation reserve

IFIC Money Transfer (UK) Limited 7,557,896 1,271,025 - -
Investment in joint venture/associate - 75,294,486 - -
7,557,895 76,565,511 - -
21 Surplus in Profit and Loss Account

Balance at the beginning of the year - - 2,022,156,139 1,775,205,220
Net profit after tax for the year - - 2,970,419,040 1,975,271,216
Transfer to statutory reserve during the year - - (879,835,285) (893,008,180)
Transfer to Start-up fund during the year - - (29,704,190) (25,375,187)
Issue of bonus shares - - (850,433,780) (809,936,930)
- - 3,232,601,924 2,022,156,139

Amount in BDT
Group Bank
Particulars Note
22 Consolidated Surplus in Profit and Loss Account

IFIC Bank PLC 21 3,232,601,924 2,022,156,139 - -
IFIC Securities Limited 983,396,772 717,600,621 - -
IFIC Investment Limited 158,274,648 143,615,332
IFIC Money Transfer (UK) Limited (15,012,371) (20,838,384) - -
Share of profit of investment in joint 2,384,979,219 2,326,052,421 - -
venture/associate
Exchange (gain)/loss on (35,380,031) (127,611,851) - -
investment in joint venture/
associate
6,708,860,161 5,060,974,278 - -
23 Non-Controlling Interest (NCI)

IFIC Securities Limited 23.1 8,776 7,957 - -
IFIC Investment Limited 23.2 8,374 8,154
17,150 16,111 - -
23.1 NCI of IFIC Securities Limited

Opening balance on 1 January 7,957 7,016 - -
Add: Share of profit during the year 819 941 - -
8,776 7,957 - -
23.2 NCI of IFIC Investment Limited

Opening balance on 1 January 8,154 6,000 - -
Add: Share of profit during the year 220 2,154 - -
8,374 8,154 - -
24 Contingent Liabilities
Acceptances and endorsements 24.1 39,758,619,159 28,484,724,497 39,758,619,159 28,484,724,497
Letters of guarantee 24.2 8,025,221,783 8,612,473,288 8,025,221,783 8,612,473,288
Irrevocable Letters of credit 24.3 11,926,244,318 23,825,249,182 11,926,244,318 23,825,249,182
Bills for collection 24.4 10,224,945,474 10,461,428,013 10,224,945,474 10,461,428,013
69,935,030,734 71,383,874,980 69,935,030,734 71,383,874,980
24.1 Acceptances and endorsements

Back to back bills (local currency) 279,594,776 279,594,776 279,594,776 279,594,776
Back to back bills (foreign currency) 39,479,024,383 28,205,129,721 39,479,024,383 28,205,129,721
39,758,619,159 28,484,724,497 39,758,619,159 28,484,724,497
24.2 Letters of guarantee

Letters of guarantee (local currency) 7,809,936,511 8,451,368,584 7,809,936,511 8,451,368,584
Letters of guarantee (foreign currency) 215,285,272 161,104,705 215,285,272 161,104,705
8,025,221,783 8,612,473,288 8,025,221,783 8,612,473,288

Amount in BDT
Group Bank
Particulars Note
Money for which the bank is contingently liable in respect of guarantee issued favouring:
Directors - - - -
Government 3,149,859,086 4,349,960,402 3,149,859,086 4,349,960,402
Banks and other financial institutions 2,803,429,859 1,594,105,404 2,803,429,859 1,594,105,404
Others 2,071,932,838 2,668,407,482 2,071,932,838 2,668,407,482
8,025,221,783 8,612,473,288 8,025,221,783 8,612,473,288
24.3 Irrevocable letters of credit

Letter of credit (LC) - cash sight 4,274,610,318 11,534,190,132 4,274,610,318 11,534,190,132
Letter of credit (LC) - back to back 7,580,236,068 11,964,378,367 7,580,236,068 11,964,378,367
Letter of credit (LC) - cash usance 71,397,932 326,680,683 71,397,932 326,680,683
11,926,244,318 23,825,249,182 11,926,244,318 23,825,249,182
24.4 Bills for collection

Inland bills collection 5,060,554 6,249,875 5,060,554 6,249,875
Inland documentary bills for collection 4,839,585,077 3,781,575,951 4,839,585,077 3,781,575,951
Foreign documentary bills for collection 5,380,299,843 6,673,602,187 5,380,299,843 6,673,602,187
10,224,945,474 10,461,428,013 10,224,945,474 10,461,428,013
Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
25 Income Statement
Income
Interest, discount and similar income 26, 28 29,433,841,127 25,369,527,255 29,133,749,807 25,125,136,415
Dividend income 28 232,355,797 195,329,961 125,817,064 250,773,401
Fees, commission and brokerage 29.1 2,337,088,394 2,081,459,201 2,229,209,085 1,959,006,200
Gains less losses arising from 28 8,845,527 3,396,418 8,845,527 3,396,418
dealing in securities
Gains less losses arising from 28.1 13,530,262 1,392,216,029 3,552,297 1,158,787,392
investment securities
Gain less losses arising from 29.0 1,520,070,829 568,328,774 1,427,839,009 592,891,397
dealing in foreign currencies
Other operating income 30 280,253,681 444,137,820 216,664,448 179,627,407
33,825,985,616 30,054,395,458 33,145,677,236 29,269,618,629
Expenses
Interest, fee and commission 27 18,194,037,136 15,426,170,206 18,198,257,752 15,432,682,362
Losses on loan and advances - - - -
Administrative expenses 31-38 5,320,922,615 4,380,087,463 5,274,054,793 4,344,926,231
Other operating expenses 39, 40 2,015,162,045 1,480,838,334 1,979,889,789 1,432,363,237
Depreciation on banking assets 39 1,099,663,070 901,139,237 1,091,044,889 891,981,061
26,629,784,867 22,188,235,240 26,543,247,223 22,101,952,891
Profit before provision 7,196,200,750 7,866,160,219 6,602,430,013 7,167,665,738

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
26 Interest Income
Term loan-industrial 1,253,653,389 1,574,609,239 1,253,653,389 1,574,609,239
Term Loan-Agricultural Loan 29,594,553 23,875,859 29,594,553 23,875,859
Term loan-consumer finance 39,081,708 15,854,964 39,081,708 15,854,964
Term Loan-Housing Finance 6,046,569,998 4,426,459,852 6,046,569,998 4,426,459,852
Term Loan-Transport loan 3,570,503 5,279,891 3,570,503 5,279,891
Term Loan-Lease finance 10,840,683 13,808,828 10,840,683 13,808,828
Term Loan-Foreign Currency (OBU) 107,190,530 98,140,220 107,190,530 98,140,220
Term loan-others 7,168,404,552 5,837,455,494 7,168,404,552 5,837,455,494
Overdrafts 6,688,088,890 6,095,697,640 6,911,919,202 6,337,567,478
Cash credit 1,502,182,309 1,621,197,016 1,502,182,309 1,621,197,016
Credit card 19,899,754 18,853,494 19,899,754 18,853,494
Demand loan 672,620,886 573,475,447 672,620,886 573,475,447
Loan general 23,419,790 114,727,658 23,419,790 114,727,658
Loan against trust receipt (LTR) 280,201,917 367,431,232 280,201,917 367,431,232
Staff loan 33,116,020 38,342,720 33,116,020 38,342,720
Overdue interest 401,987,579 451,958,461 401,987,579 451,958,461
Interest on Margin Loan 504,781,632 486,260,678 - -
Interest income from loans and advances 24,785,204,693 21,763,428,693 24,504,253,373 21,519,037,853
Inland documentary bill purchased (IDBP) 143,399,474 71,918,990 143,399,474 71,918,990
Usance Bill Discounted (OBU) 2,755,491 6,243,059 2,755,491 6,243,059
Payment against document (cash) 6,459,033 22,141,000 6,459,033 22,141,000
Payment against document (forced) 76,029,024 18,093,421 76,029,024 18,093,421
Payment against document (EDF) 448,392,386 212,487,581 448,392,386 212,487,581
Payment against document (inland) 194,993,886 82,502,537 194,993,886 82,502,537
Payment against document (others) 185,684,674 114,544,366 185,684,674 114,544,366
Interest income from bills paid and discounted 1,057,713,968 527,930,954 1,057,713,968 527,930,954
Money at call on short notice 223,205,397 42,056,070 223,205,397 42,056,070
Balance held outside Bangladesh 13,258,995 211,042 13,258,995 211,042
Balance held inside Bangladesh 213,901,822 257,386,561 213,901,822 257,386,561
26,293,284,875 22,591,013,320 26,012,333,555 22,346,622,480
27 Interest Paid on Deposits, Borrowings etc.

Interest paid on deposits
Current deposit 6,111,200,994 4,525,427,036 6,115,421,610 4,531,771,164
Saving bank deposit 464,592,399 550,015,768 464,592,399 550,015,768
Special notice deposit 505,715,459 1,005,233,762 505,715,459 1,005,401,790
Fixed deposit 8,694,414,161 7,255,752,336 8,694,414,161 7,255,752,336
Non resident FC deposit 900,209 123,168 900,209 123,168
Resident FC deposit 251,402 223,240 251,402 223,240
Pension savings scheme 868,980,971 777,164,013 868,980,971 777,164,013
Monthly income scheme 650,863,179 858,994,636 650,863,179 858,994,636
Foreign currency deposit 493,993 309,275 493,993 309,275
17,297,412,767 14,973,243,234 17,301,633,383 14,979,755,390

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
Interest paid on borrowings

Call borrowing 4,429,766 4,387,917 4,429,766 4,387,917
Term borrowing 20,286,285 12,107,792 20,286,285 12,107,792
Repurchase agreement (repo) 1,685,723 639,695 1,685,723 639,695
Bangladesh Bank- Refinance 45,606,418 60,776,501 45,606,418 60,776,501
Payment against lease obligation - 79,987 - 79,987
Interest on subordinated bond 625,698,657 237,145,222 625,698,657 237,145,222
Bangladesh Bank- EDF 190,923,010 136,442,065 190,923,010 136,442,065
Bangladesh Bank- LTFF Refinance 7,994,510 1,347,793 7,994,510 1,347,793
896,624,369 452,926,972 896,624,369 452,926,972
18,194,037,136 15,426,170,206 18,198,257,752 15,432,682,362
28 Investment Income
Interest on Treasury bills and bonds 2,870,039,814 2,778,513,935 2,870,039,814 2,778,513,935
Interest on reverse repo 8,845,527 3,396,418 8,845,527 3,396,418
Profit on sukuk bond 170,520,000 - 151,380,000 -
Interest on perpetual bond 99,996,438 - 99,996,438 -
Gain/(loss) on share sale 28.1 13,530,262 1,392,216,029 3,552,297 1,158,787,392
Dividend income - local 232,355,797 195,329,961 125,817,064 97,964,771
Dividend income - Foreign - - - 152,808,630
3,395,287,838 4,369,456,343 3,259,631,140 4,191,471,146
28.1 Gain from sale of shares of listed companies

Gain on share sale 16,332,994 1,479,843,243 6,355,029 1,246,414,606
Less: Loss on sale of share (2,802,732) (87,627,214) (2,802,732) (87,627,214)
13,530,262 1,392,216,029 3,552,297 1,158,787,392
29 Commission, Exchange and Brokerage

Commission 29.1 2,279,058,263 1,989,988,916 2,229,209,085 1,959,006,200
Exchange gain/(loss) 1,520,070,829 568,328,774 1,427,839,009 592,891,397
Brokerage 58,030,132 91,470,285 - -
3,857,159,223 2,649,787,975 3,657,048,093 2,551,897,596
29.1 Commission
Bills purchased (Inland) 70,018 209,468 70,018 209,468
Remittances (inland) 4,481,999 5,000,170 4,481,999 5,000,170
Remittances (foreign) 3,828,813 3,344,406 3,828,813 3,344,406
Letter of guarantee (LG)-local 95,133,590 113,633,479 95,133,590 115,473,479
Letter of credit (back to back) 532,564,015 549,825,171 532,564,015 549,825,171
Letter of credit (cash) 188,925,845 220,864,610 188,925,845 220,864,610
Letter of credit (others) 117,752,113 109,714,080 117,752,113 109,714,080
Wage earners development bond 2,025,125 1,747,813 2,025,125 1,747,813
Local documentary bills collection (LDBC) 3,420,477 1,671,889 3,420,477 1,671,889
Inward foreign documentary bills collection (IFDBC) 271,202,952 209,482,386 271,202,952 209,482,386
Foreign documentary bills collection (FDBC) 238,599 1,229,000 238,599 1,229,000
Foreign bills collection (FBC) 15,900 61,937 15,900 61,937

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
Add confirmation 52,510,773 36,374,659 52,510,773 36,374,659

Bill collection commission OBU 6,825,762 3,050,869 6,825,762 3,050,869
Loan origination fees 120,365,669 131,793,918 120,365,669 131,793,918
Service charge on accounts 377,868,519 298,601,049 377,297,769 297,832,749
Fees and Commission-Cards 243,094,497 130,055,756 243,094,497 130,055,756
Sanchaypatra 28,577,009 20,541,353 28,577,009 20,541,353
Foreign correspondent charges 50,064,080 39,369,530 50,064,080 39,369,530
Negotiation against contract 21,208,869 29,699,599 21,208,869 29,699,599
Rebate from foreign correspondent 104,676,385 50,611,091 104,676,385 50,611,091
Commission others 54,207,255 33,106,683 4,928,827 1,052,267
2,279,058,263 1,989,988,916 2,229,209,085 1,959,006,200
30 Other Operating Income

Locker rent 18,346,175 16,101,238 18,346,175 16,101,238
Cheque Book charge recovery 65,889,153 44,716,810 65,889,153 44,716,810
SWIFT charges recovery 13,870,107 19,272,402 13,870,107 19,272,402
Fund transfer fee 11,068,486 12,528,826 11,068,486 12,528,826
Gain/(loss) on sale of fixed assets 40.5 2,010,724 - 2,010,724 -
Miscellaneous earning 110,142,239 95,136,323 105,479,804 87,008,130
221,326,883 187,755,600 216,664,448 179,627,407
Miscellaneous earnings includes BDT 2,378,596 (Y2022) and BDT BDT 1,110,652 (Y2021) against forfeited amount returned from Provident Fund
according to the Instruction of Financial Reporting Council [FRC] directives Dated 7 July 2020.
31 Salary and Allowances

Basic salary 1,570,256,410 1,285,781,721 1,549,023,672 1,268,281,592
House rent allowance 702,028,376 569,626,067 698,352,785 566,492,159
Conveyance allowance 87,020,347 72,466,788 86,599,854 72,064,888
Medical allowances 152,077,215 123,153,014 151,226,360 122,455,788
Entertainment allowance 29,591,965 33,930,177 29,262,465 33,601,903
Other allowances 71,081,647 83,506,209 70,216,598 82,630,855
Leave encashment 7,261,115 13,262,261 7,261,115 13,262,261
Bonus 646,754,502 635,162,467 642,588,685 632,753,587
Leave fare assistance 109,955,129 99,698,312 109,302,329 99,015,512
Provident fund- Bank’s contribution 123,230,207 101,221,254 123,230,207 101,221,254
Contribution to gratuity fund 125,500,000 99,000,000 125,500,000 99,000,000
3,624,756,913 3,116,808,269 3,592,564,070 3,090,779,799
Total number of employees in the Bank at the year ended 31 December 2022 were 4,977 (Y2021: 4,023). Number of employees for the year
ended 31 December 2022 who were paid remuneration less than Tk. 36,000 was nil (Y2021: nil).
32 Rent, Taxes, Insurance, Electricity etc.

Rent paid 398,682,686 296,807,831 395,945,526 294,116,956
Rates & taxes 30,525,479 18,438,488 28,833,736 18,389,233
Insurance premium 297,223,201 255,434,110 297,080,430 255,295,237
Electricity & water 171,804,675 138,369,603 169,552,632 137,258,976
898,236,041 709,050,031 891,412,324 705,060,401
Total office rent expenses for year ended 31 December 2022 are Tk. 861,017,995. Due to application of IFRS 16: Leases, Tk. 466,718,880 has
been distributed as depreciation (Annexure-D) and interest expense (note 40). Required withholding tax and VAT on total rental expense have been
deducted and deposited accordingly. Details are disclosed in Note 2.2.1.6.

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
33 Legal Expenses
Legal expenses 5,243,897 4,712,972 2,931,599 3,800,210
Professional fees 16,232,214 13,344,682 13,353,968 12,190,764
21,476,111 18,057,653 16,285,567 15,990,974
34 Postage, Stamp, Telecommunication etc.

Postage expenses 34,244,527 17,014,794 34,244,527 17,014,794
Telephone 42,798,116 25,653,724 42,534,300 25,465,129
Communication facilities 154,679,230 75,580,443 153,972,052 75,193,085
231,721,873 118,248,961 230,750,879 117,673,008
35 Stationery, Printing, Advertisement etc.

Printing stationery 21,919,068 7,520,777 21,451,825 7,113,634
Security stationery 22,754,078 22,793,694 22,754,078 22,793,694
Petty stationery 75,293,216 47,514,952 75,293,216 47,514,952
Computer stationery 8,369,278 14,959,115 8,369,278 14,959,115
Advertisement and publicity 382,677,760 293,708,085 382,660,503 293,518,545
511,013,400 386,496,624 510,528,900 385,899,940
36 Managing Director’s Salary

Basic salary 18,667,275 16,970,250 18,667,275 16,970,250
House rent allowance 1,200,000 1,200,000 1,200,000 1,200,000
Provident fund- Bank’s contribution 1,866,728 1,697,025 1,866,728 1,697,025
Festival bonus 3,394,050 3,085,500 3,394,050 3,085,500
25,128,053 22,952,775 25,128,053 22,952,775
In addition to the above, the Managing Director was paid BDT 1 million as incentive bonuses in both years and BDT 1.54 million as LFA in Y2022
(Y2021: 1.40 million).
37 Directors’ Fees
Meeting attendance fees 4,257,600 4,346,400 3,360,000 2,736,000
4,257,600 4,346,400 3,360,000 2,736,000
Each Director is paid Tk. 8,000 for attending each meeting as per the latest BRPD Circular no. 11, dated 04 October 2015.
38 Auditors’ Fees
Statutory annual audit fees 3,182,625 2,976,749 2,875,000 2,683,333
Interim audit fees 1,150,000 1,150,000 1,150,000 1,150,000
4,332,625 4,126,749 4,025,000 3,833,333
39 Depreciation and Repair of Bank’s Assets

Depreciation
Buildings and premises 47,045,580 47,045,580 47,045,580 47,045,580
Steel furniture 12,376,045 7,109,923 12,376,045 7,109,923
Computer equipment 152,367,140 101,146,471 150,324,734 99,277,886
Electrical & gas equipment 166,155,163 126,498,179 165,822,924 126,176,104

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
Leasehold improvement 89,328,593 53,008,826 88,363,964 51,320,219

Vehicles 13,928,595 15,836,413 13,928,595 15,836,413
Soft furnishing 680,292 833,836 680,292 833,836
Software 111,133,994 91,169,873 111,133,994 91,169,873
673,468,202 496,869,126 670,037,468 492,898,398
Right of Use Assets 426,194,869 404,270,111 421,007,421 399,082,663
1,099,663,070 901,139,237 1,091,044,889 891,981,061
Repairs and maintenance
Property maintenance and repairs 334,044,898 251,992,227 331,958,116 250,350,701
Vehicles maintenance and repairs 49,231,938 42,559,744 48,898,602 42,281,964
383,276,836 294,551,971 380,856,718 292,632,665
1,482,939,906 1,195,691,208 1,471,901,607 1,184,613,726
40 Other Expenses
Entertainment 54,597,469 32,887,694 54,064,483 32,455,183
Petrol, oil and lubricants 40.1 94,091,574 58,919,333 94,091,574 58,919,333
Training and internship 40.2 11,787,551 3,671,157 11,784,996 3,671,157
Traveling expenses 40.3 54,387,254 31,410,570 53,968,622 30,949,982
Casual and contractual service 40.4 482,374,158 376,316,204 482,229,546 376,162,590
Loss on sales of fixed assets 40.5 - 15,244,486 - 15,244,486
Subscription and donation 22,163,738 35,669,719 21,616,908 33,584,390
Corporate Social Responsibility (CSR) 191,536,396 105,642,441 191,536,396 105,642,441
Books, newspapers and magazines, etc. 701,335 882,911 701,335 882,911
Interest on leased assets 48,334,361 47,980,443 45,711,459 45,138,980
NID verification charge 2,020,506 2,082,272 2,020,506 2,082,272
Reward and recognition 490,000 214,950 490,000 214,950
Uniforms and liveries 324,549 900,793 324,549 900,793
AGM and EGM expense 2,265,860 6,222,866 1,915,860 6,042,066
Business development 19,188,278 6,857,139 19,188,278 6,777,139
Crockeries 2,705,579 2,443,083 2,690,929 2,429,688
Security services 296,427,424 218,987,415 295,004,433 218,002,054
Bank charges and commission 28,886,477 23,372,459 11,310,083 7,798,385
Recovery and sales agent 3,736,643 4,611,310 3,736,643 4,611,310
Visa card expense 224,830,114 104,904,440 224,830,114 104,904,440
Branch Charge 12,341,128 11,959,226 12,341,128 11,959,226
Bond & Rights Share issue 38,541,250 46,419,315 38,541,250 46,419,315
Clean materials expense 10,294,417 2,657,839 10,294,417 2,657,839
Miscellaneous 29,859,147 46,028,298 20,639,560 22,279,642
1,631,885,209 1,186,286,363 1,599,033,071 1,139,730,572
Expenses incurred by the Bank shown in these Financial Statements are inclusive of VAT where applicable as per Value Added Tax and
Supplementary Duty Act, 2012.
40.1 Petrol, oil and lubricants

Petrol, oil and lubricants - pool car 51,655,401 21,095,744 51,655,401 21,095,744
Petrol, oil and lubricants - car purchase scheme 42,436,173 37,823,589 42,436,173 37,823,589
94,091,574 58,919,333 94,091,574 58,919,333

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
40.2 Training and internship expense includes daily allowance and traveling allowances.
40.3 Traveling expense represents foreign and local travel which include daily allowances and traveling allowance.
40.4 Casual and contractual service

Driver salary - car purchase scheme 42,714,321 41,053,692 42,714,321 41,053,692
DSA salary and incentive 170,171,325 141,081,945 170,171,325 141,081,945
Cleaning & maintenance expenses 152,203,723 83,094,871 152,203,723 83,094,871
Casual and contractual - staff 117,284,789 111,085,696 117,140,177 110,932,082
482,374,158 376,316,204 482,229,546 376,162,590
40.5 Gain/ (loss) on sales of fixed assets

Cost of fixed assets sold
Steel furniture 1,401,929 1,545,838 1,401,929 1,545,838
Vehicles 4,127,607 4,355,027 4,127,607 4,355,027
Soft furnishing 1,100,721 392,353 1,100,721 392,353
Software 40,000 13,000 40,000 13,000
Non-banking assets - 225,410,120 - 225,410,120
75,866,835 343,630,238 75,866,835 343,630,238
Less : Accumulated depreciation
Steel furniture 1,264,826 1,230,816 1,264,826 1,230,816
Vehicles 4,127,605 4,355,022 4,127,605 4,355,022
Soft furnishing 1,100,661 387,087 1,100,661 387,087
Software 39,998 12,999 39,998 12,999
73,899,066 113,017,606 73,899,066 113,017,606
Written down value 1,967,768 230,612,632 1,967,768 230,612,632
Sale proceeds of above fixed assets 3,978,492 215,368,146 3,978,492 215,368,146
Gain / (loss) on sales of fixed assets 2,010,724 (15,244,486) 2,010,724 (15,244,486)
40.6 Pursuant to BRPD circular letter no. 35 dated 5 September 2022, Bangladesh Bank has instructed the banks to take necessary initiatives to
rationalize the usage of fuel & electricity. In line with that direction, Bank instructed all the Branches, Uposhakhas, Division & Head Office to take
necessary initiatives such as, strict maintenance of office hour, rationalizing uses of electricity e.g. set lower threshold level of air conditioning
temperature, switching of 50% of lights etc., encourage to use digital form instead of hard copies of paper, control use of printer photocopier and
other stationaries, encourage online meeting and training, minimize the fuel consumption etc. Above initiatives helped to rationalize the noted
mentioned expenses though Bank is an expansion phase.

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
40.a Details of investment in associates - under equity method

i) Oman Exchange LLC
Opening balance 182,723,244 157,380,003 - -
Add/ (less): Share of post acquisition 58,926,798 24,318,185 - -
profit/(loss) during the year
Add/ (less): Effect of changes in (49,316,498) 1,025,057 - -
foreign currency exchange rate
Closing balance 192,333,544 182,723,244 - -
ii) Share of post acquisition profit during the year

Nepal Bangladesh Bank Limited - 232,064,035 - -
Oman Exchange LLC 58,926,798 24,318,185 - -
58,926,798 256,382,220 - -
41 Provision for Loans, Investments and other Assets

Specific provision 15.1 4,328,581,529 39,643,519 4,328,581,529 39,643,519
General provision 15.2 (2,342,365,847) 1,494,686,262 (2,342,365,847) 1,494,686,262
Provision for off-shore banking unit 15.2 (1,560,870) (2,323,583) (1,560,870) (2,323,583)
Special general provision COVID-19 15.3 178,797,601 966,337,000 178,797,601 966,337,000
Provision for off-balance sheet exposure 15.4 (12,123,617) 186,321,413 (12,123,617) 186,321,413
Provision for loans and advances 2,151,328,796 2,684,664,610 2,151,328,796 2,684,664,610
Provision for diminution in value 15.5 15,953,403 4,002,860 2,460,354 4,002,860
of investments
Other provisions 41.1 49,464,436 13,957,367 49,464,436 13,957,367
2,216,746,635 2,702,624,837 2,203,253,586 2,702,624,837
41.1 Other provisions

Provision for nostro account - 125,412 - 125,412
Provision for other assets 15.6 49,464,436 13,831,955 49,464,436 13,831,955
49,464,436 13,957,367 49,464,436 13,957,367
42 Provision for Taxation

Current tax 2,835,201,785 2,712,105,506 2,726,461,102 2,578,825,776
Deferred tax expense/(income) 42.1 (1,298,112,746) (89,790,868) (1,297,703,716) (89,056,092)
1,537,089,039 2,622,314,639 1,428,757,387 2,489,769,685
42.1 Deferred tax expense/(income)

Deferred tax on provision for 10.5 (1,266,445,037) (97,429,869) (1,266,445,037) (97,429,869)
loans and advances (DF & BL)
Deferred tax on fixed assets 10.5 (25,118,716) 8,560,697 (24,709,686) 9,295,473
Deferred tax on leased assets 10.5 (6,548,993) (921,696) (6,548,993) (921,696)
(1,298,112,746) (89,790,868) (1,297,703,716) (89,056,092)
43 Receipts from other Operating Activities

Rent received 18,346,175 16,101,238 18,346,175 16,101,238
Other receipts 202,980,708 171,654,362 198,318,273 163,526,169
Capital gain/l(loss) 28.1 13,530,262 1,392,216,029 3,552,297 1,158,787,392
234,857,145 1,579,971,629 220,216,745 1,338,414,799

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
44 Payments for other Operating Activities

Postage, stamp, telecommunication etc. 231,721,873 118,248,961 230,750,879 117,673,008
Rent paid 863,755,155 732,931,754 861,017,995 730,240,878
Rates, taxes & utilities 30,525,479 18,438,488 28,833,736 18,389,233
Insurance premium 297,223,201 255,434,110 297,080,430 255,295,237
Electricity & water 171,804,675 138,369,603 169,552,632 137,258,976
Traveling expenses 54,387,254 31,410,570 53,968,622 30,949,982
Auditors’ fees 4,332,625 4,126,749 4,025,000 3,833,333
Directors’ fees 4,257,600 4,346,400 3,360,000 2,736,000
Legal expenses 21,476,111 18,057,653 16,285,567 15,990,974
Repairs and maintenance 383,276,836 294,551,971 380,856,718 292,632,665
Other expenses 1,449,380,524 1,056,700,864 1,420,467,555 1,014,153,830
3,512,141,332 2,672,617,123 3,466,199,135 2,619,154,117
45 (Increase)/Decrease of other Assets

Stationery and stamps 23,354,297 31,089,517 23,354,297 31,089,517
Suspense account 876,995,266 809,447,215 865,755,661 784,948,535
Advance, deposit and prepayments 762,007,862 765,190,540 760,822,012 734,274,564
Receivable others 41,034,402 68,993,649 39,406,385 68,928,545
Closing other assets 1,703,391,827 1,674,720,921 1,689,338,355 1,619,241,161
Opening other assets 1,674,720,921 2,246,084,788 1,619,241,161 1,345,253,625
(28,670,905) 571,363,867 (70,097,194) (273,987,536)
46 Increase/(Decrease) of other Liabilities

Withholding Tax payable to government 518,120,849 339,532,006 518,039,989 339,508,941
Withholding VAT payable to government 147,808,457 124,135,680 147,723,483 124,122,430
Excise duty payable to government 469,822,779 361,821,170 469,822,779 361,821,170
Revaluation of investment abroad - 30,946,297 - 30,946,297
Payable against Govt. Bond & Sanchaypatra 69,075,648 36,387,851 69,075,648 36,387,851
Others 175,059,708 170,356,248 174,740,848 170,210,968
Closing other liabilities 1,379,887,441 1,063,179,252 1,379,402,747 1,062,997,657
Opening other liabilities 1,063,179,252 1,183,801,787 1,062,997,657 1,078,168,240
316,708,189 (120,622,535) 316,405,090 (15,170,583)
47 Cash and Cash Equivalents

Cash in hand 11,829,060,999 7,206,054,519 11,828,999,688 7,205,942,452
Balance with Bangladesh Bank 19,764,152,517 17,859,246,555 19,764,152,517 17,859,246,555
and its agent Bank (s)
Balance with other banks and 8,963,806,280 1,048,932,840 8,935,036,091 1,028,492,775
financial Institutions
Money at call and on short notice 690,000,000 4,380,000,000 690,000,000 4,380,000,000
Prize Bonds 3,785,300 3,296,200 3,785,300 3,296,200
41,250,805,096 30,497,530,113 41,221,973,596 30,476,977,982

Amount in BDT
Group Bank
Particulars Note
2022 2021 2022 2021
48 Reconciliation of Statement of Cash Flows from Operating Activities

Profit before provision 6,602,430,013 7,167,665,738
Add/(less): Adjustment
Depreciation on fixed asset 979,910,895 800,811,189
Amortization on software 111,133,994 91,169,873
Recovery of written off loans 852,890,685 220,307,550
Interest receivable 586,470,624 (254,090,679)
Interest payable on deposits 552,939,485 (481,277,384)
Bonus payable 61,000,000 300,000,000
Rent paid - lease adjustment (465,072,469) (436,123,923)
Accrued Expense (10,023,027) 42,774,412
Interest on leased assets 45,711,459 45,138,980
2,714,961,646 328,710,017
Changes in operating assets and liabilities
Changes in loans & advances (50,395,087,347) (43,329,432,564)
Changes in deposit and other accounts 42,054,743,607 37,387,966,613
Changes of trading securities 2,867,725,460 7,673,478,939
Changes in other assets (70,097,194) (273,987,536)
Changes in other liabilities 316,405,090 (15,170,583)
(5,226,310,384) 1,442,854,869
Income tax paid (2,445,321,941) (2,017,917,796)
49 Number of Ordinary Shares Outstanding

Add: Bonus share issued 85,043,378 80,993,693 85,043,378 80,993,693
1,785,910,939 1,700,867,561 1,785,910,939 1,700,867,561
50 Earnings Per Share (EPS)*

Net profit after tax 3,442,364,036 2,541,217,648 2,970,419,040 1,975,271,216
Number of ordinary shares outstanding 1,785,910,939 1,785,910,939 1,785,910,939 1,785,910,939
Earning Per Share (EPS) 1.93 1.42 1.66 1.11
The consolidated and solo EPS of the Bank as of Y2022 is higher compared to Y2021 due to lower level of provisioning and tax charges.
51 Net Operating Cash Flow per Share*

Net cash flows from operating activities 2,138,079,965 7,344,387,352 1,645,759,335 6,921,312,828
Net Operating Cash Flow per Share 1.20 4.11 0.92 3.88
The consolidated and solo NOCFPS of the Bank as of Y2022 is lower compared to Y2021 due to higher growth in lending over deposits.
52 Net Asset Value (NAV) per Share*

Net assets value at the end of the year 33,609,014,105 30,236,323,782 30,090,675,926 27,120,924,021
Net Asset Value (NAV) per Share 18.82 16.93 16.85 15.19
* Previous year’s figure has been restated.
53 Events after the Reporting Period
The Board of Directors in its 855th Meeting held on 27 April 2023 recommended a total dividend of 5% in combination of 2.5%
stock and 2.5% cash for the year ended 31 December 2022. Stock dividend is subject to approval from Bangladesh Securities
and Exchange Commission (BSEC). This recommended dividend will be placed for approval of the shareholders in the forthcoming
46th Annual General Meeting of the Bank.

Annexure-A
222
Balance with other Banks and Financial Institutions-Outside Bangladesh
Name of the Bank and Financial 31 December 2022 31 December 2021

Account type Currency type
Institutions FC amount Conversion rate Equivalent BDT FC amount Conversion rate Equivalent BDT
AB Bank Ltd., Mumbai CD USD 242,667 103.30 25,066,794 (3,093,469) 85.80 (265,419,648)
Annual Report 2022

Amana Bank, Sri Lanka CD USD 6,159 103.30 636,183 34,646 85.80 2,972,649
Bank of Bhutan, Phuentosoling CD USD - 103.30 - 77,927 85.80 6,686,107
Citi Bank N.A. New York CD USD 997,264 103.30 103,014,356 (66,669) 85.80 (5,720,201)
Commerz Bank AG, Frankfurt CD USD 240,345 103.30 24,826,956 132,949 85.80 11,407,002
Commerz Bank AG, Frankfurt CD EUR 367,943 109.60 40,325,836 122,362 97.38 11,915,946
Habib Bank, New York CD USD 152,091 103.30 15,710,579 307,824 85.80 26,411,256
Habib Bank AG, Zurich CD CHF 33,981 111.21 3,778,987 48,938 93.81 4,590,694
ICIC Bank Ltd., India CD USD 831,886 103.30 85,931,331 367,032 85.80 31,491,382
J.P. Morgan Chase Bank AG, Frankfurt CD EUR 45,934 109.60 5,034,225 4,060 97.38 395,347
J.P. Morgan Chase Bank, New York CD USD 5,087,435 103.30 525,516,779 3,558,974 85.80 305,359,998
J.P. Morgan Chase Bank, Sydney CD AUD 22,118 69.59 1,539,246 115,585 62.20 7,188,947
Mashreq Bank, PSC, India CD USD 178,721 103.30 18,461,389 244,784 85.80 21,002,448
Masreq Bank PSC, New York CD USD 1,007,805 103.30 104,103,272 879,048 85.80 75,422,310
MCB Bank Ltd, Pakistan CD USD 41,764 103.30 4,314,117 127,028 85.80 10,899,038
Nabil Bank Ltd., Nepal CD USD 26,650 103.30 2,752,827 278,543 85.80 23,898,988
Sonali Bank Limited, Kolkata CD USD 26,736 103.30 2,761,787 13,714 85.80 1,176,629
Standard Chartered Bank, New York CD USD 7,092,322 103.30 732,615,627 3,400,262 85.80 291,742,517
Standard Chartered Bank, Mumbai CD USD 170,675 103.30 17,630,231 984,646 85.80 84,482,649
Standard Chartered Bank, London CD GBP 312,579 124.11 38,794,543 392,179 115.73 45,385,720
Standard Chartered Bank, London CD USD 169,071 103.30 17,464,480 122,970 85.80 10,550,818
Standard Chartered Bank, Tokyo CD JPY 2,471,590 0.77 1,898,675 4,593,396 0.75 3,428,511
Wells Fargo Bank, New York CD USD 1,924,297 103.30 198,774,154 224,400 85.80 19,253,483
Total 21,450,034 1,970,952,374 12,871,128 724,522,589
Back to Content
Annexure-B
Details of investment in shares

Amount in BDT
Back to Content
Mkt or NAV
Name of the Company Face value No. of share Cost/share Cost price Total value Gain/(loss)
price/share
Unquoted shares
Karma Sangsthan Bank 100 200,000 100.00 20,000,000 304.41 60,881,714 40,881,714
Central Depository Bangladesh Limited 10 2,284,722 10.00 22,847,220 39.14 89,425,027 66,577,807
42,847,220 150,306,741 107,459,521
Quoted shares
Under General Fund
Bangladesh Submarine Cable Company Limited 10 58,100 230.13 13,370,658 218.90 12,718,090 (652,568)
Beximco Limited 10 4,592,600 86.35 396,591,748 115.60 530,904,560 134,312,812
Beximco Pharmaceuticals Limited 10 3,040,600 105.26 320,041,062 146.20 444,535,720 124,494,658
British American Tobacco Limited 10 38,747 539.96 20,921,646 518.70 20,098,069 (823,577)
Doreen Power Generations Limited 10 106,400 67.34 7,164,891 61.00 6,490,400 (674,491)
Energypac Power Generation Limited 10 619,500 41.90 25,960,000 34.50 21,372,750 (4,587,250)
Fareast Life Insurance Limited 10 979,224 125.11 122,511,641 75.00 73,441,800 (49,069,841)
Grameen Phone Limited 10 28,000 362.25 10,142,947 286.60 8,024,800 (2,118,147)
Green Delta Insurance Ltd. 10 90,000 66.00 5,940,378 65.10 5,859,000 (81,378)
IDLC Finance Limited 10 496,000 74.64 37,023,277 46.50 23,064,000 (13,959,277)
LafargeHolcim Bangladesh Limited 10 90,000 71.32 6,418,890 64.80 5,832,000 (586,890)
Maksons Spinning Mills Limited 10 150,000 26.69 4,003,965 22.30 3,345,000 (658,965)
Malek Spinning Mills Limited 10 150,000 40.91 6,136,410 27.10 4,065,000 (2,071,410)
National Housing Finance & Investment Limited 10 5,288,910 7.38 39,010,000 41.80 221,076,438 182,066,438
Olympic Industries Limited 10 20,000 116.40 2,328,098 124.00 2,480,000 151,902
Power Grid Company Limited 10 50,000 69.13 3,456,265 52.40 2,620,000 (836,265)
Renata Limited 10 30,495 1,259.45 38,406,822 1,217.90 37,139,861 (1,266,962)
Square Pharmaceuticals Limited 10 1,800,000 216.11 388,990,458 209.80 377,640,000 (11,350,458)
Square Textile Limited 10 150,000 69.98 10,497,615 67.50 10,125,000 (372,615)
Summit Power Limited 10 208,545 49.92 10,411,536 34.00 7,090,530 (3,321,006)
TITAS Gas Transmission and Distribution Limited 10 1,665,760 76.60 127,592,706 40.90 68,129,584 (59,463,122)
United Power Generation Limited 10 30,000 250.23 7,506,972 233.70 7,011,000 (495,972)
Unique Hotel and Resorts Limited 10 200,000 105.15 21,029,385 57.70 11,540,000 (9,489,385)
Yeakin Polymer Limited 10 500,000 20.73 10,365,600 18.80 9,400,000 (965,600)
Total 1,635,822,970 1,914,003,601 278,180,632
Under Special Fund as per BB DOS Circular number 1, dated 10 February 2020
Annual Report 2022

Beximco Pharmaceuticals Limited 10 7,371,650 106.05 781,737,625 146.20 1,077,735,230 295,997,605
Beximco Green-Sukuk Al Istisna’a 100 8,000,000 100.00 800,000,000 89.00 712,000,000 (88,000,000)
223
Total 1,581,737,625 1,789,735,230 207,997,605
Amount in BDT
224
Mkt or NAV
price/share
Investment in bond/sukuk
AB Bank Perpetual Bond 1,000 1,000,000 1,000.00 1,000,000,000 1,000.00 1,000,000,000 -
Beximco Green-Sukuk Al Istisna’a 100 10,100,000 89.00 898,900,400 89.00 898,900,000 (400)
Total 1,898,900,400 1,898,900,000 (400)
Mutual funds
Annual Report 2022

IFIC Bank 1st Mutual Fund 10 37,951,655 6.59 250,000,000 8.37 317,750,231 67,750,231
ICB Employee 1st Mutual Fund 10 1,339,500 13.43 17,986,473 7.87 10,543,205 (7,443,269)
267,986,473 328,293,436 60,306,963
Investment in overseas entity: In associate/joint
venture
Oman Exchange LLC 627,841 83.47 52,404,651 343.21 215,483,002 163,078,351
52,404,651 215,483,002 163,078,351
Other investment in overseas entity
MCB Bank Limited, Pakistan 175,508 2,064.34 362,307,872 50.21 8,812,166 (353,495,706)
Investment in overseas entity: held for sale 2,288,252,563
Total Investment in overseas entity 2,702,965,086 224,295,167 (190,417,356)
Total 8,130,259,774 6,305,534,176 463,526,965
Particulars Cost price Market value Req. Provision

Unquoted shares 42,847,220 150,306,741 -
Quoted- general Fund 1 3,534,723,370 3,812,903,601 -
Quoted- under special fund 1 1,581,737,625 1,789,735,230 -
Mutual funds 2 267,986,473 328,293,436 7,443,269
Sub-total 5,427,294,688 6,081,239,008 7,443,269
Investment in overseas entity: In associate/joint venture 52,404,651 215,483,002 -
Other foreign investment-MCB Bank Ltd. 362,307,872 8,812,166 353,495,706
Grand Total 5,842,007,211 6,305,534,176 360,938,975
1
Provision against quoted- general Fund has been made as per DOS circular no. 4 dated 24 November 2011
2
Provision against Mutual Fund made in line with the directives contained in Bangladesh Bank DOS Circular number 03 and 10 dated 12 March and 28 June 2015 respectively.
Calculation as under:
Higher of (NAV x 85%) Required
Name of the Company No. of share Cost/Share NAV/share NAV x 85% MV/share
C&D - CP Provision
A B C D E F=(E-B) G=(A x F)
IFIC Bank 1st MF 37,951,655 6.59 9.85 8.37 5.10 8.37 - -
ICB EP 1st MF 1,339,500 13.43 9.26 7.87 7.10 7.87 (5.56) 7,443,269
Total provision required 7,443,269
Back to Content
Annexure-C
Loans and advances allowed to each customer exceeding 10% of

Bank’s total capital
BDT in million
Name of the Outstanding as on 31 December 2022 Amount
Sl. Name of clients
group Funded Non-funded Total classified
Uttara Traders (Pvt.) Ltd. 2,645.80 3,454.40 6,100.20 -
1 Uttara
Uttara Trade International Ltd. - 2,979.90 2,979.90 -
Sub Total: 2,645.80 6,434.30 9,080.10 -
Silver Composite Textile Mills Ltd. 3,103.40 821.90 3,925.30 -
Silver Line Composite Textile Mill Ltd. 3,372.50 1,198.00 4,570.50 -
2 Silver Line
Silver Line Garments Ltd. - 216.60 216.60
Sundarban Air Travel Ltd. - 7.50 7.50 -
Sub Total: 6,475.90 2,244.00 8,719.90 -
3 Apollo Trade International Ltd. - 8,197.70 8,197.70 -
Sub Total: - 8,197.70 8,197.70 -
Anwar Ispat Ltd. 1,079.10 821.00 1,900.10 -
4 Anwar
Anwar Cement Ltd. 2,341.20 2,833.30 5,174.50
Sub Total: 3,420.30 3,654.30 7,074.60 -
Dohatec Newmedia Ltd. 2,447.60 42.60 2,490.20 -
5 Doha-Global
Global Voice Telecom Ltd. 2,987.40 1,291.30 4,278.70 -
Sub Total: 5,435.00 1,333.90 6,768.90 -
Knit Concern Ltd. 2,086.60 2,190.40 4,277.00 -
KC Apparels Ltd. 92.50 265.60 358.10
Pack Concern Ltd. 58.80 7.10 65.90 -
6 Knit Concern KC Lingerie Ltd. 1,310.00 547.90 1,857.90 -
Zas Concern Ltd. 19.90 9.90 29.80 -
Surecell Medical (BD) Ltd. 6.80 - 6.80 -
KC Spinning Mills Ltd. - 36.90 36.90 -
Sub Total: 3,574.60 3,057.80 6,632.40 -
Nassa Properties Ltd. 3,929.40 - 3,929.40 -
7 Nassa Nassa Spinners & Garments Ltd. 1,420.10 170.50 1,590.60 -
Nassa Supreme Wash Ltd. 726.60 24.50 751.10 -
Sub Total: 6,076.10 195.00 6,271.10 -
8 Habib Hotel International Ltd. 5,987.40 - 5,987.40 -
Sub Total: 5,987.40 - 5,987.40 -
9 Uttara Jute Uttara Jute Fibres & Industries Ltd. 5,511.10 52.30 5,563.40 -
Sub Total: 5,511.10 52.30 5,563.40 -
Islam Garments Ltd. 3,075.80 2,240.80 5,316.60 -
10 Islam Islam Knit Designs Ltd. 7.80 9.00 16.80 -
Euro Jeans Ltd. 45.80 - 45.80 -
Sub Total: 3,129.40 2,249.80 5,379.20 -
Ena Properties Ltd. 2,165.20 28.20 2,193.40
Northern Power Solutions Ltd. 2,127.80 111.00 2,238.80
11 ENA
Ena Building Products Ltd. 306.30 - 306.30
Sakoatex Ltd. 458.30 9.80 468.10
Sub Total: 5,057.60 149.00 5,206.60 -

BDT in million
Name of the Outstanding as on 31 December 2022 Amount
Sl. Name of clients
group Funded Non-funded Total classified
Wisdom Attires Ltd. 4,541.50 603.40 5,144.90 -
12 Wisdom
Three Star Farm House Ltd. 39.20 - 39.20
Sub Total: 4,580.70 603.40 5,184.10 -
Powerpac Mutiara Keraniganj Ltd. 2,371.50 - 2,371.50 -
13 Sikder
R & R Holdings Ltd. 2,247.10 - 2,247.10 -
Sub Total: 4,618.60 - 4,618.60 -
14 Phonix Appollo Ispat Complex Ltd. 4,511.50 - 4,511.50 -
Sub Total: 4,511.50 - 4,511.50 -
15 Absolute Construction & Engineering Ltd. 4,447.60 - 4,447.60 -
Sub Total: 4,447.60 - 4,447.60 -
16 Serve Construction & Engineering Ltd. 4,441.20 - 4,441.20 -
Sub Total: 4,441.20 - 4,441.20 -
Agricultural Marketing Ltd. 93.90 - 93.90 -
Banga Building Materials Ltd. 236.70 644.00 880.70 -
Banga Millers Ltd. 48.10 - 48.10 -
17 Pran Group Durable Plastic Ltd. 79.80 - 79.80 -
Pran Dairy Ltd. 961.20 1,224.60 2,185.80 -
Advance Trimps Solution BD Ltd. 119.20 215.30 334.50 -
RFL Plastics Ltd. 0.30 796.10 796.40 -
Sub Total: 1,539.20 2,880.00 4,419.20 -
18 Sristi Real Estate Ltd. 4,407.00 - 4,407.00 -
Sub Total: 4,407.00 - 4,407.00 -
19 Northstone Construction & Engineering Ltd. 4,389.10 - 4,389.10 -
Sub Total: 4,389.10 - 4,389.10 -
Navana Ltd. 616.50 247.90 864.40 -
Navana Real Estate Ltd. 3,232.50 - 3,232.50 -
20 Navana
Navana Interlinks Ltd. 77.90 40.60 118.50 -
Navana Electronics Ltd. 108.30 4.20 112.50 -
Sub Total: 4,035.20 292.70 4,327.90 -
Grand Total: 84,283.30 31,344.20 115,627.50 -

Annexure - D
Schedule of fixed assets including premises, furniture and fixture

Back to Content
Cost Depreciation/Amortization Written down
Particulars Balance as at 1 Addition during Transfer from Disposal during Balance as at 31 Balance as at 1 Charged during Disposal during Balance as at 31 value as at 31
January 2022 the year CWIP the year December 2022 January 2022 the year the year December 2022 December 2022
Land 2,423,609,559 - - - 2,423,609,559 - - - - 2,423,609,559
Buildings and premises 1,902,617,204 - - - 1,902,617,204 469,054,116 47,045,580 - 516,099,696 1,386,517,508
Wooden furniture 339,565,380 43,661,961 - 7,873,347 375,353,994 168,279,126 30,128,289 7,719,830 190,687,585 184,666,409
Steel furniture 198,592,399 55,662,140 - 1,401,929 252,852,611 55,683,381 12,376,045 1,264,826 66,794,601 186,058,010
Computer equipment 1,183,841,452 190,790,291 171,810,303 22,224,455 1,524,217,591 799,705,185 150,324,734 22,214,275 927,815,644 596,401,947
Electrical & gas equipment 1,400,699,530 273,539,548 13,159,190 22,111,571 1,665,286,697 651,266,220 165,822,924 21,737,424 795,351,720 869,934,977
Office equipment 386,456,865 128,954,780 3,360,000 5,540,180 513,231,465 241,684,666 50,233,051 5,524,670 286,393,046 226,838,419
Leasehold improvement 814,168,535 428,506,799 - 11,447,025 1,231,228,309 244,997,237 88,363,964 10,169,777 323,191,424 908,036,885
Vehicles 219,419,429 3,133,000 - 4,127,607 218,424,822 183,315,135 13,928,595 4,127,605 193,116,126 25,308,696
Software 1,162,925,786 133,737,996 179,962,166 40,000 1,476,585,948 493,340,660 111,133,994 39,998 604,434,656 872,151,292
Soft furnishing 13,187,132 742,709 - 1,100,721 12,829,120 12,192,184 680,292 1,100,661 11,771,815 1,057,305
Sub-total 10,045,083,271 1,258,729,224 368,291,659 75,866,835 11,596,237,320 3,319,517,910 670,037,468 73,899,066 3,915,656,312 7,680,581,007
Right of Use Assets 1,829,246,619 672,480,362 - 190,647,524 2,311,079,457 756,654,020 421,007,421 86,809,409 1,090,852,032 1,220,227,425
Sub-total 11,874,329,890 1,931,209,586 368,291,659 266,514,358 13,907,316,777 4,076,171,929 1,091,044,889 160,708,475 5,006,508,343 8,900,808,432
Capital work in progress * 124,720,260 609,592,264 (368,291,659) - 366,020,865 - - - - 366,020,865
Total 11,999,050,150 2,540,801,850 - 266,514,358 14,273,337,642 4,076,171,929 1,091,044,889 160,708,475 5,006,508,343 9,266,829,298
* Capital work in progress represents the amount paid for Card Management, ERP Solution and different types of Software.
Cost Depreciation/Amortization Written down
Particulars Balance as at 1 Addition during Transfer from Disposal during Balance as at 31 Balance as at 1 Charged during Disposal during Balance as at 31 value as at 31
January 2021 the year CWIP the year December 2021 January 2021 the year the year December 2021 December 2021
Land 2,423,609,559 - - - 2,423,609,559 - - - - 2,423,609,559
Buildings and premises 1,902,617,204 - - - 1,902,617,204 422,008,536 47,045,580 - 469,054,116 1,433,563,088
Wooden furniture 287,581,539 56,839,622 - 4,855,781 339,565,380 147,092,121 25,573,351 4,386,345 168,279,126 171,286,254
Steel furniture 111,193,993 54,150,007 34,794,237 1,545,838 198,592,399 49,804,274 7,109,923 1,230,816 55,683,381 142,909,018
Computer equipment 1,049,746,984 114,394,766 63,446,495 43,746,793 1,183,841,452 743,955,942 99,277,886 43,528,643 799,705,185 384,136,268
Electrical & gas equipment 1,085,482,116 353,769,019 - 38,551,605 1,400,699,530 562,544,470 126,176,104 37,454,354 651,266,220 749,433,310
Office equipment 290,404,959 95,556,327 6,892,189 6,396,610 386,456,865 219,524,399 28,555,215 6,394,948 241,684,666 144,772,199
Leasehold improvement 508,637,207 280,619,980 43,274,460 18,363,112 814,168,535 208,944,409 51,320,219 15,267,391 244,997,237 569,171,298
Vehicles 212,708,501 11,065,955 - 4,355,027 219,419,429 171,833,744 15,836,413 4,355,022 183,315,135 36,104,294
Software 1,107,209,905 23,420,561 32,308,320 13,000 1,162,925,786 402,183,786 91,169,873 12,999 493,340,660 669,585,126
Soft furnishing 12,960,055 619,430 - 392,353 13,187,132 11,745,436 833,836 387,087 12,192,184 994,948
Sub-total 8,992,152,022 990,435,667 180,715,701 118,220,118 10,045,083,272 2,939,637,117 492,898,398 113,017,606 3,319,517,910 6,725,565,362
Right of Use Assets 1,938,582,527 286,833,602 - 396,169,510 1,829,246,619 584,125,725 399,082,663 226,554,368 756,654,020 1,072,592,599
Sub-total 10,930,734,549 1,277,269,269 180,715,701 514,389,628 11,874,329,891 3,523,762,842 891,981,061 339,571,974 4,076,171,929 7,798,157,961
Annual Report 2022

Capital work in progress * 88,200,413 217,235,548 (180,715,701) - 124,720,260 - - - - 124,720,260
Total 11,018,934,962 1,494,504,817 - 514,389,628 11,999,050,151 3,523,762,842 891,981,061 339,571,974 4,076,171,929 7,922,878,221
* Capital work in progress represents the amount paid for Centralized Security Monitoring, Fusion Banking Essence and different types of Software.
227
Annexure -E
Computation of Risk Weighted Assets

Solo Basis
1.0 Risk Weighted Assets for Credit Risk Balance Sheet Exposures BDT in Million
Sl. Exposure Type Rating Risk Weight Exposure RWA
1 2 3 4 5 6 = (4x5)
a. Cash 0.00 11,829.00 -
Claims on Bangladesh Government (other
b. 0.00 64,382.98 -
than PSEs) and Bangladesh Bank
c. Claims on other Sovereigns & Central Banks 0.50 - -
Claims on Bank for International
d. Settlements, International Monetary Fund 0.00 - -
and European Central Bank
Claims on Multilateral Development Banks
- -
(MDBs):
i) IBRD, IFC, ADB, EBRD, IADB, EIB, EIF,
0.00 - -
NIB, CDB, IDB, CEDB
e. 1 0.20 - -
2,3 0.50 - -
ii) Others MDBs 4,5 1.00 - -
6 1.50 - -
Unrated 0.50 - -
1 0.20 - -
2,3 0.50 - -
Claims on Public Sector Entities (other than
f. 4,5 1.00 - -
Government) in Bangladesh
6 1.50 - -
Unrated 0.50 20.00 10.00
Claims on Banks and NBFIs
1 0.20 759.64 151.93
2,3 0.50 189.72 94.86
g. i) Maturity over 3 months 4,5 1.00 10.25 10.25
6 1.50 - -
Unrated 1.00 166.85 166.85
ii) Maturity less than 3 months 0.20 10,213.45 2,042.69
1 0.20 15,559.69 3,111.94
2 0.50 37,505.27 18,752.64
Claims on Corporate (excluding equity
h. 3,4 1.00 90,961.98 90,961.98
exposure)
5,6 1.50 - -
Unrated 1.25 19,933.03 24,916.28
SME 1 0.20 106.21 21.24
SME 2 0.40 1,184.48 473.79
SME 3 0.60 4,365.18 2,619.11
SME 4 0.80 834.77 667.81
SME 5 1.20 - -
h(1) Claims on SME
SME 6 1.50 - -
Unrated (small enterprise
0.75 2,070.78 1,553.09
& <BDT 3m)
Unrated (small
enterprise having ≥ BDT 1.00 8,429.20 8,429.20
3m&Medium enterprise)

1.0 Risk Weighted Assets for Credit Risk Balance Sheet Exposures BDT in Million
1 2 3 4 5 6 = (4x5)
PSE - -
Banks & NBFIs - -
Corporate 22,106.89 14,332.87
Retail 671.10 13.67
i. Claims under Credit Risk Mitigation
SME 394.88 30.24
Consumer finance 3,404.38 1,021.66
Residential property 7,698.43 1,307.21
Commercial real estate - -
Claims categorized as retail portfolio (excluding SME, Consumer Finance
j. 0.75 1,458.46 1,093.85
and Staff loan) up to 1 crore
k. Consumer finance 1.00 5,345.96 5,345.96
l. Claims fully secured by residential property 0.50 87,034.87 43,517.43
m. Claims fully secured by Commercial real estate 1.00 19,101.56 19,101.56
1. Past Due Claims that is past due for 60 days or more (Risk weights are
to be assigned net of specific provision):
i) Where specific provisions are less than 20 percent of the outstanding
1.50 8,272.14 12,408.21
amount of the past due claim
ii) Where specific provisions are no less than 20 percent of the outstanding
1.00 2,209.33 2,209.33
n. iii) Where specific provisions are more than 50 percent of the outstanding
0.50 1,270.51 635.26
2. Claims fully secured against residential property that are past due for
more than 60 days and/or impaired and specific provision held there- 1.00 3,400.22 3,400.22
against is less than 20% of outstanding amount
3. Loans and claims fully secured against residential property that are past
due for more than 60 days and/or impaired and specific provision held 0.75 175.53 131.64
there-against is no less than 20% of outstanding amount
o. Capital Market Exposure 1.25 - -
Investment in equity and other regulatory capital instruments issued by
other banks and merchant Banks/Brokerage Houses/Exchange Houses
p. 1.25 1,075.25 1,344.06
which are not listed in the Stock Exchanges (other than those deducted
from capital) held in banking book
q. Investments in venture capital 1.50 - -
Investments in premises, plant and equipment and all other fixed assets
r. 1.00 9,266.83 9,266.83
s. Claims on all fixed assets under operating lease 1.00 88.02 88.02
All other assets
i) Claims on GoB & BB 0.00 847.54 -
ii) Staff loan/Investment 0.20 977.47 195.49
t.
iii) Cash items in Process of Collection 0.20 - -
iv) Claims on Off-shore Banking Units (OBU) 1.00 - -
v) Other assets (net off specific provision, if any) 1.00 6,328.19 6,328.19
Sub-Total 449,650.06 275,755.36

2.0 Risk Weighted Amount for Credit Risk Off-Balance Sheet Exposures BDT in Million
Sl. Exposure Type BB’s Rating Grade* Risk Weight Exposure RWA
1 2 3 4 5 6 = (4x5)
Claims on Bangladesh Government and
a) 0.00
Bangladesh Bank
b) Claims on other Sovereigns & Central Banks*
Claims on Bank for International
c) Settlements, International Monetary Fund 0.00
and European Central Bank
d) Claims on Multilateral Development Banks (MDBs):
i) IBRD, IFC, ADB, AFDB, EBRD, IADB, EIB,
0.00
EIF, NIB, CDB, IDB, CEDB
1 0.20
2,3 0.50
ii) Others MDBs 4,5 1.00
6 1.50
Unrated 0.50
1 0.20
2,3 0.50
Claims on Public Sector Entities (other than
e) 4,5 1.00
Government) in Bangladesh
6 1.50
Unrated 0.50
Claims on Banks & NBFIs
1 0.20
2,3 0.50
f) i) Maturity over 3 months 4,5 1.00
6 1.50
Unrated 0.50
ii) Maturity less than 3 months 0.20
1 0.20 6,946.74 1,389.35
2 0.50 12,869.06 6,434.53
Claims on Corporate (excluding equity
g) 3,4 1.00 11,507.18 11,507.18
exposure)
5,6 1.50 - -
Unrated 1.25 13,302.57 16,628.21
h) Claims under retail exposure 0.75 6.40 4.80
1 0.20 173.95 34.79
2 0.40 246.13 98.45
3 0.60 311.31 186.79
4 0.80 172.26 137.81
Claims under SME Credit Rating-wise 5 1.20 - -

h(1)
exposure 6 1.50 - -
0.75 50.42 37.81
& <BDT 3.00m)
having ≥ BDT 3.00m & 1.00 512.33 512.33
Medium enterprise)

2.0 Risk Weighted Amount for Credit Risk Off-Balance Sheet Exposures BDT in Million
Sl. Exposure Type BB’s Rating Grade* Risk Weight Exposure RWA
1 2 3 4 5 6 = (4x5)
i) Consumer Loan 1.00
j) Claims fully secured by residential property 0.50
k) Claims fully secured by commercial real estate 1.00
l) Investments in venture capital 1.50
m) All other assets 1.00
Sub-Total 46,098.34 36,972.05
3.0 Capital Charge for Market Risk (Balance Sheet Exposures) BDT in Million
Capital
Sl. Market Risk Risk Weight RWA
Charge
a Interest Rate Related Instruments - 10.00 -
b Equities 961.14 10.00 9,611.41
c Foreign Exchange Position 176.09 10.00 1,760.89
d Commodities - - -
Sub-Total 1,137.23 11,372.39
4.0 Capital Charge for Operational Risk (Basic Indicator Approach) BDT in Million
Capital
Sl. Operational Risk Risk Weight RWA
Charge
a Gross Income 1,446.47 10.00 14,464.72
Sub-Total 1,446.47 10.00 14,464.72
Grand Total Risk Weighted Assets 338,564.42

Annexure -F
Related Party Disclosures

Name of Directors and their Interest in Different Entities
Sl Status with the Status with Name of the firms/companies in which

Name
No. Bank interested entities they have interest
1 Mr. Salman F Rahman Chairman Chairman GMG Airlines Limited
Vice Chairman Bangladesh Export Import Co. Limited
Vice Chairman Beximco Pharmaceuticals Limited
Vice Chairman Beximco Synthetics Limited
Vice Chairman Shinepukur Ceramics Limited
Vice Chairman Independent Television Limited
Vice Chairman Beximco Holdings Limited
Vice Chairman Beximco Computers Limited
Vice Chairman Beximco Pharma Center for Bio &
Industrial Research Limited
Vice Chairman Beximco Property Development and
Management Limited
Vice Chairman Sonali Ansh Limited
Vice Chairman Esses Exporters Limited
Shareholder Beximco Power Company Limited
Shareholder Beximco Engineering Limited
Shareholder I & I Services Limited
2 Mr. Ahmed Shayan Fazlur Rahman Vice-Chairman Chairman Beximco Communications Limited
Chairman Escorp LPG Limited
Chairman Beximco Petroleum Limited
Chairman Escorp Cylinders Limited
Chairman Beximco LPG Unit-1 Limited
(Nominee Director)
Chairman Beximco LPG Unit-2 Limited

(Nominee Director)
Chairman Giga Tech Limited

(Nominee Director)
Managing Director Beximco Power Company Limited

(Nominee Director)
Managing Director Escorp Holdings Limited

(Nominee Director)
Managing Director OK Company Limited

(Nominee Director)
Managing Director Eses Holdings Limited

Director Independent Television Limited
Shareholder Crescent Fashion and Design Limited
Shareholder SFR Estates Limited
Shareholder SFR Holding Limited
Stakeholder New Dacca Industries Limited
3 Mr. A. R. M. Nazmus Sakib Director Chairman IFIC Money Transfer (UK) Limited
(Nominated by IFIC Bank)
Director Nabil Bank Limited, Nepal

Director Oman Exchange LLC

Director IFIC Investment Limited

Stakeholder Tradenext International Limited

Sl Status with the Status with Name of the firms/companies in which
Name
No. Bank interested entities they have interest
4 Ms. Rabeya Jamali Independent Director IFIC Investment Limited
Director (Nominated by IFIC Bank)
Director IFIC Money Transfer (UK) Limited

Partner Jamali & Morshed

Independent Director Confidence Cement Limited
5 Mr. Sudhangshu Shekhar Biswas Independent Director IFIC Securities Limited

Alternate Director Oman Exchange LLC

6 Ms. Quamrun Naher Ahmed Govt. Chairman IFIC Securities Limited

nominated (Nominated by IFIC Bank)
Director Director IFIC Money Transfer (UK) Limited

Director Beximco Pharmaceuticals Limited

Member National River Conservation Commission

(Nominated by Govt. of
Bangladesh)
7 Mr. Md. Zafar Iqbal, ndc Govt. Chairman IFIC Investment Limited
Alternate Director Oman Exchange LLC

8 Mr. Md. Golam Mostofa Govt. Director IFIC Securities Limited


Additional Secretary Finance Division, Ministry of Finance,

Bangladesh Secretariat
9 Mr. Mohammad Shah Alam Sarwar Managing Director Oman Exchange LLC

Director IFIC Securities Limited

Related party transactions

i) Significant contracts with the Bank wherein Directors have interest during the year is nil.
ii) Share issued to Directors and Executive without consideration or exercisable at a discount is nil.
iii) The details of the related party transactions are as follows:
Amount in BDT
As at and for the year ended

Nature of Transaction
1) Name of the Party : IFIC Securities Limited
A. Capital investment 2,199,994,000 2,199,994,000

B. Current & SND Account 60,641,476 111,347,480
C. BO account balance 1,520,291 930,553
D. Loan 2,605,620,317 2,704,872,849

Amount in BDT
As at and for the year ended

2) Name of the Party : IFIC Money Transfer (UK) Limited

Relationship with the company : Subsidiary
Capital investment 29,987,999 34,718,100
3) Name of the Party : IFIC Investment Limited

Relationship with the company : Subsidiary
A. Capital investment 399,994,000 399,994,000
B. Current & SND Account 16,024,083 368,410,705
4) Name of the Party : Oman Exchange LLC

Relationship with the company : Associate
Capital investment 52,404,651 88,046,700
5) Name of the Party : IFIC Gratuity Fund

Saving Account 28,168,444 132,905,567
6) Name of the Party : IFIC Provident Fund

Saving Account 19,821,892 35,735,646
iv) Lending facility of Director and their related concern:

Loan
Relation with Relation with
Name of the Borrower Related Director Type & Date of Amount Remarks
the Bank Borrower
expiry
This facility
Guarantee is allowed
Beximco Computers Limited Mr. Salman F Rahman Chairman Vice Chairman 563,040
(06.01.23) at 100%
margin.
Independent Credit Card
Ms. Rabeya Jamali - - 24,956
Director (31.12.2026)
In case of approval of Loan to related parties, the Bank follows the BRPD circular no. 04 dated 23 February 2014 and requirement of
section 27(1) of the Banking Companies Act 1991 as amended.
v) Business other than banking business with any related concern of the Directors as per section 18(2) of Bank Companies Act 1991:
Bank has executed maintenance agreement with Beximco Computers Limited for maintenance of Nostro Reconciliation Software with a
fees of BDT 70,000 per year, Bangladesh Bank Taka Account Reconciliation software with a fees of BDT 70,000 per year and Bangladesh
Bank Foreign Exchange Return software with a fee of BDT 95,000 per month and also an agreement with Giga Tech Limited for
implementation of Card Management Switching Solution with a fees of BDT 47,057,904 & Digital Banking Solutions with a fees of BDT
56,688,020.
vi) Investment in the securities of Director and their related concern:

Relation with the Relation with
Investee Entity Related Director Investment at Cost
Bank Investee Entity
Beximco Pharmaceuticals Limited Mr. Salman F Rahman Chairman Vice Chairman 1,101,778,687
Beximco Limited Mr. Salman F Rahman Chairman Vice Chairman 396,591,748
Beximco Green-Sukuk Al Istisna’a Mr. Salman F Rahman Chairman Vice Chairman 1,698,900,400

Annexure -G
Disclosure on Audit Committee of the Bank

a) Particulars of members of the Audit Committee
Sl. Name Status with the Bank Status Educational Qualification
1 Ms. Rabeya Jamali Independent Director Chairman/ L.L.B. (Hons), L.L.M. in Banking and
Chairperson Financial Law
2 Mr. Sudhangshu Shekhar Biswas Independent Director Member BA (Hons), MA (Economics)
3 Mr. Md. Zafar Iqbal, ndc Director Member B. Com (Hons), M. Com (Accounting),
MBA, Masters in Economics
b) Particulars of meetings held by the Audit Committee during the period from 01 January to 31 December 2022
Sl. Meeting No Meeting held on
1 180th Audit Committee Meeting 13.01.2022
2 181st Audit Committee Meeting 27.01.2022
3 182nd Audit Committee Meeting 30.01.2022
4 183rd Audit Committee Meeting 23.02.2022
12 191st Audit Committee Meeting 30.08.2022
13 192nd Audit Committee Meeting 17.10.2022
14 193rd Audit Committee Meeting 30.10.2022
Evaluation of the Audit Committee regarding strengthening of Internal Control System

The Internal Control & Compliance Division (ICCD) of the Bank reviews the Internal Control System of the Bank and ensures that
the internal controls are being properly managed and supervised throughout all Divisions, Branches and Uposhakhas of the Bank.
As per guideline of Bangladesh Bank, the Audit Committee, in the meetings held during the year ended 31 December 2022, reviewed
and evaluated various issues/reports/findings on financial reporting process, the system of internal control, the audit process and the
process for monitoring compliance with laws and regulations and its own code of business conduct submitted by ICCD.
During the discussion on some memo(s) and Compliance Report, the Committee has advised the Management to devise a system
for arresting occurrence of the irregularities on a recurring basis and ICCD of the Bank has also been advised to take necessary steps
for rectification of all irregularities as mentioned in the memo(s)/reports at the earliest. The committee has also advised the Head of
ICC to formulate a matrix/format to monitor status of compliance on a regular basis and devise some innovative tools/system for
reducing number of irregularities in the Branches/Uposhakhas as well as enabling them to monitor up-to-date status of compliance.
All audited/Un-audited yearly/quarterly Financial Statements submitted during the year ended 31 December 2022 have been
explained and endorsed to the Audit Committee whether the statements reflect the complete and concrete information, and whether
the statements are prepared according to the existing rules & regulations and standards enforced in the country and as per relevant
prescribed accounting standards set by Bangladesh Bank and Bangladesh Securities and Exchange Commission.
The Committee has submitted compliance reports to the Board on a quarterly basis during the year ended 31 December 2022
regarding compliance with recommendations made in internal and external audit reports and the Bangladesh Bank inspection reports.

Annexure - H
236
Segment Reporting
The Bank reports its operations under geographical location and business segment as per IFRS:8 Operating Segment
Profit and Loss Account for the year ended 31 December 2022
Amount in BDT
IFIC Bank PLC Subsidiaries Associates
Inside Bangladesh IFIC IFIC Money
Particulars IFIC Securities Oman Adjustment Consolidated
Annual Report 2022

Conventional Off- Shore Adjustment Total Investment Transfer (UK)
Limited Exchange LLC
Banking Banking Unit Limited Limited
Interest income 25,902,387,534 109,946,021 - 26,012,333,555 504,781,632 - - - (223,830,312) 26,293,284,875
Interest paid on deposits and borrowings, etc. 18,198,257,752 73,251,809 (73,251,809) 18,198,257,752 223,830,312 - - - (228,050,927) 18,194,037,136
Net interest income 7,704,129,782 36,694,212 (73,251,809) 7,814,075,803 280,951,320 - - - 4,220,616 8,099,247,739
Investment income 3,259,631,140 - - 3,259,631,140 99,267,605 36,389,093 - - - 3,395,287,838

Commission, exchange and brokerage 3,654,215,412 2,832,681 - 3,657,048,093 58,030,132 - 49,278,428 92,231,820 - 3,856,588,473
Other operating income 212,671,367 3,993,081 - 216,664,448 4,600,435 4,220,616 632,750 - (4,220,616) 221,897,633
7,126,517,919 6,825,762 - 7,133,343,681 161,898,172 40,609,708 49,911,178 92,231,820 (4,220,616) 7,473,773,943
Total operating income 14,830,647,701 43,519,974 (73,251,809) 14,947,419,484 442,849,492 40,609,708 49,911,178 92,231,820 - 15,573,021,682
Salary and allowances 3,592,564,070 - - 3,592,564,070 13,423,037 6,076,503 12,693,303 - - 3,624,756,913
Rent, taxes, insurance, electricity, etc. 891,412,324 - - 891,412,324 1,523,000 - 5,300,716 - - 898,236,041
Legal expenses 16,285,567 - - 16,285,567 594,825 - 4,595,718 - - 21,476,111
Postage, stamps, telecommunication, etc. 230,750,879 - - 230,750,879 801,178 3,115 166,701 - - 231,721,873
Stationery, printing, advertisement, etc. 510,528,900 - - 510,528,900 344,962 5,050 134,488 - - 511,013,400
Managing Director’s salary 25,128,053 - - 25,128,053 - - - - - 25,128,053
Directors’ fees 3,360,000 - - 3,360,000 510,400 387,200 - - - 4,257,600
Auditors’ fees 4,025,000 - - 4,025,000 215,625 92,000 - - - 4,332,625
Depreciation and repairs of Bank’s assets 1,471,901,607 - - 1,471,901,607 9,009,655 333,336 1,695,309 - - 1,482,939,906
Other expenses 1,599,033,071 - - 1,599,033,071 12,920,459 432,751 19,498,928 - 1,631,885,209
Total operating expenses 8,344,989,471 - - 8,344,989,471 39,343,140 7,329,955 44,085,164 - - 8,435,747,730
Operating profit 6,485,658,230 43,519,974 (73,251,809) 6,602,430,013 403,506,352 33,279,753 5,826,014 92,231,820 - 7,137,273,952
Share of profit of joint ventures/associates - - - - - - - 58,926,798 - 58,926,798
Profit before provision 6,485,658,230 43,519,974 (73,251,809) 6,602,430,013 403,506,352 33,279,753 5,826,014 151,158,618 - 7,196,200,750
Provision against loans and advances 2,151,328,796 - - 2,151,328,796 - - - - - 2,151,328,796
Provision for diminution in value of investments 2,460,354 - - 2,460,354 - 13,493,049 - - - 15,953,403
Provisions for other assets 49,464,436 - - 49,464,436 - - - - - 49,464,436
Total provision 2,203,253,586 - - 2,203,253,586 - 13,493,049 - - - 2,216,746,635
Profit before taxation 4,282,404,644 43,519,974 (73,251,809) 4,399,176,427 403,506,352 19,786,704 5,826,014 151,158,618 - 4,979,454,114
Provision for taxation -
Current tax 2,726,461,102 - - 2,726,461,102 103,613,515 5,127,168 - - - 2,835,201,785
Deferred tax (1,297,703,716) - - (1,297,703,716) (409,030) - - - - (1,298,112,746)
1,428,757,387 - - 1,428,757,387 103,204,485 5,127,168 - 1,537,089,039
Net profit after taxation 2,853,647,257 43,519,974 (73,251,809) 2,970,419,040 300,301,867 14,659,536 5,826,014 151,158,618 - 3,442,365,075
Back to Content
Annexure - H
Segment Reporting
The Bank reports its operations under geographical location and business segment as per IFRS:8 Operating Segment
Back to Content
Balance Sheet as at 31 December 2022
Amount in BDT
IFIC Bank PLC Subsidiaries Associates
Inside Bangladesh IFIC IFIC Money
Particulars IFIC Securities Oman Adjustment Consolidated
Conventional Off- Shore Adjustment Total Investment Transfer (UK)
Limited Exchange LLC
Banking Banking Unit Limited Limited
PROPERTY AND ASSETS
Cash 31,593,152,205 - - 31,593,152,205 38,230 369 22,712 - - 31,593,213,516
Balance with other banks and financial institute 8,935,036,091 104,811,530 (104,811,530) 8,935,036,091 60,641,476 - 30,290,480 - (62,161,767) 8,963,806,280
Money at call and on short notice 690,000,000 - - 690,000,000 - - - - - 690,000,000
Investments 52,749,089,960 - - 52,749,089,960 3,258,836,310 537,957,893 - - 2,349,599,189 58,895,483,351
Loans and advances 352,548,015,813 1,906,258,051 - 354,454,273,864 4,010,217,971 - - - (2,605,620,317) 355,858,871,517
Fixed assets 9,266,829,299 - - 9,266,829,299 36,284,776 - 24,202 - - 9,303,138,276
Other assets 7,435,856,771 - - 7,435,856,771 254,268,445 23,158,700 11,724,795 - (2,629,975,999) 5,095,032,712
Non-banking assets 148,474,800 - - 148,474,800 - - - - - 148,474,800
Total Assets 463,366,454,938 2,011,069,581 (104,811,530) 465,272,712,989 7,620,287,208 561,116,962 42,062,188 - (2,948,158,894) 470,548,020,453

Borrowings from other banks, financial institutions 20,621,060,373 1,962,643,000 (1,962,643,000) 20,621,060,373 2,605,620,317 - - - (2,605,620,317) 20,621,060,373
and agents
Subordinated debt 10,700,000,000 - - 10,700,000,000 - - - - - 10,700,000,000
Deposits and other accounts 375,584,475,522 - - 375,584,475,522 46,436,703 - - - (78,205,073) 375,552,707,152
Other Liabilities 28,271,594,560 4,906,608 - 28,276,501,168 1,750,325,742 18,883,246 19,528,665 - - 30,065,238,822
Total Liabilities 435,177,130,455 1,967,549,608 (1,962,643,000) 435,182,037,063 4,402,382,762 18,883,246 19,528,665 - (2,683,825,391) 436,939,006,346
Paid up capital 17,859,109,390 - - 17,859,109,390 2,200,000,000 - 37,233,390 - (2,237,233,390) 17,859,109,390
Statutory reserve 8,637,619,318 - - 8,637,619,318 34,504,897 - - - - 8,672,124,215
General reserve 155,071,397 - - 155,071,397 - - - - - 155,071,397
Revaluation reserve against securities 109,963,943 - - 109,963,943 - - - - - 109,963,943
Revaluation reserve against fixed assets 96,309,954 - - 96,309,954 - - - - - 96,309,954
Foreign currency translation reserve - - - - - - 312,505 (0) 7,245,391 7,557,895
Surplus in profit and loss account 3,232,601,924 43,519,974 (43,519,974) 3,232,601,924 983,396,772 158,274,648 (15,012,371) 2,384,979,219 (35,380,031) 6,708,860,161
30,090,675,926 43,519,974 (43,519,974) 30,090,675,926 3,217,901,668 158,274,648 22,533,524 2,384,979,218 (2,265,368,030) 33,608,996,955
Minority Interest - - - - 8,776 8,374 - - - 17,150
Total shareholders’ equity 30,090,675,926 43,519,974 (43,519,974) 30,090,675,926 3,217,910,444 158,283,022 22,533,524 2,384,979,218 (2,265,368,030) 33,609,014,105
Annual Report 2022

Total liabilities and shareholders’ equity 465,267,806,381 2,011,069,582 (2,006,162,974) 465,272,712,989 7,620,293,207 177,166,268 42,062,188 2,384,979,218 (4,949,193,420) 470,548,020,452
237
Annexure -I
Financial highlights of the Bank (solo basis)

as at and for the year ended 31 December 2022
Currency/
Sl. Particulars 31 December 2022 31 December 2021
percentage
1 Paid up capital BDT 17,859,109,390 17,008,675,610
2 Total capital BDT 43,266,298,360 39,405,959,028
3 Capital surplus/(deficit) BDT 945,745,771 1,811,067,146
4 Total assets BDT 465,272,712,989 405,877,509,108
5 Total deposits BDT 375,584,475,522 333,142,132,175
6 Total loan & advances BDT 354,454,273,864 305,061,349,869
7 Total contingent liabilities & commitments BDT 69,935,030,734 71,383,874,980
8 Credit deposit ratio % 87.47 85.06
9 Percentage of classified loan against total loans & advances % 5.61 6.09
10 Profit after tax & provision BDT 2,970,419,040 1,975,271,216
11 Amount of classified loans BDT 19,879,385,150 18,588,204,792
12 Provision kept against classified loans BDT 8,179,000,000 2,997,527,787
13 Cost of fund % 4.08 3.91
14 Interest earning assets BDT 408,907,097,342 359,419,125,465
15 Non-interest earning assets BDT 56,365,615,647 46,458,383,643
16 Return on Investment (ROI) % 6.02 8.21
17 Return on Assets (ROA) % 0.68 0.52
18 Income from investment BDT 3,259,631,140 4,191,471,146
19 Earnings per share BDT 1.66 1.11
20 Net income per share BDT 1.66 1.11
21 Net Asset Value (NAV) BDT 30,090,675,926 27,120,924,021
22 Net Asset Value (NAV) per share BDT 16.85 15.19
23 Net Operating Cash Flow Per Share (NOCFPS) BDT 0.92 3.88
24 Price earning ratio Times 6.91 15.28

Annexure - J
Disclosure of Restructured Loan

as at and for the year ended 31 December 2022
Back to Content
BDT in Million
Down Payment Outstanding Amount Total Provision as at 31
December 2022 Outstanding
Type of Date of Due Date of 1st At the time New/Fresh Present as at 31
Sl. Name of the Borrower Outstanding as
Loan restructure Installment of taking Disbursement Status December
Required Realized at 31 December
NOC from amount after Required Maintained 2021
2022
BB NOC
1 Power Pac - Mutiara TL (O) 2nd time N/A N/A 07.04.2018 1,833.20 Nil 2,371.49 47.43 47.43 SMA(RST) 2,173.72
KPP Plant Ltd. 01.01.18 (Interest portion)
2 M/s R&R Holdings TL (O)-1 2nd time N/A N/A 07.04.2018 936.20 Nil 1,200.92 24.06 24.06 SMA(RST) 1,106.27
01.01.18 (Interest portion)
3 M/s R&R Holdings TL (O)-2 2nd time N/A N/A 07.04.2018 803.90 Nil 1,046.13 20.88 20.88 SMA(RST) 952.62
01.01.18 (Interest portion)
Total - - 3,573.30 4,618.54 92.37 92.37 4,232.62
Annexure- K
Statement of Tax Position

Accounting Assessment Tax provision in Tax as per Excess/ (shortage) Advance income
Remarks
year year Financial Statements assessment provision tax paid
Balance of provision for up Assessments up to Y2018 (except Y2005 & Y2010) have been
to Y2018 (except Y2005 & 233,479,264 - 233,479,264 - completed by the Tax Authority and there is no tax liability remained
Y2010) outstanding
Tax authority has filed reference application before Honorable High
2005 2006-2007 140,397,922 140,397,922 -
Court Division of Supreme Court
2010 2011-2012 1,454,854,994 1,508,170,344 (53,315,350) 1,385,538,554 Honorable High Court Division of Supreme Court
Bank has filed appeal before the Taxes Appellate Tribunal against order
2019 2020-2021 1,700,000,000 1,699,489,718 510,282 1,482,741,318 of the Commissioner of Taxes (Appeals) and waiting for obtaining final
tribunal order;
Bank has filed appeal before the Commissioner of Taxes (Appeals)
2020 2021-2022 963,000,000 1,301,128,677 (338,128,677) 1,124,700,195 against order of the Deputy Commissioner of Taxes and appeal order is
Annual Report 2022

under reviewing for next step;
2021 2022-2023 2,493,782,398 2,385,201,832 108,580,566 2,384,939,483 Assessments under process
239
2022 2023-2024 2,726,461,102 - 2,726,461,102 1,123,440,289 Not yet due
Total 9,711,975,681 6,893,990,571 2,817,985,110 7,501,359,839
Annexure-L
IFIC Bank PLC

Off-Shore Banking Unit
Balance Sheet

Particulars Note
USD Taka USD Taka
PROPERTY AND ASSETS

Cash - - - -
Cash in hand (including foreign currency) - - - -
Balance with Bangladesh Bank and its agent
- - - -
Bank(s) (including foreign currency)
Balance with other banks and financial institutions 1,014,662 104,811,530 241,254 20,699,554
In Bangladesh 987,519 102,007,759 241,254 20,699,554
Outside Bangladesh 27,143 2,803,771 - -
Money at call and on short notice - - - -
Investments - - - -
Government securities - - - -
Other investments - - - -
Loans and advances 3 18,454,147 1,906,258,051 24,036,656 2,062,345,087

Loans, cash credits, overdrafts etc. 3.1 16,753,690 1,730,605,893 19,991,206 1,715,245,477
Bills purchased and discounted 3.2 1,700,457 175,652,158 4,045,450 347,099,610
Fixed assets including premises, furniture and fixtures

Other assets 4 - - 58,162 4,990,356
Non banking assets - - - -
Total assets 19,468,809 2,011,069,581 24,336,072 2,088,034,996

Liabilities
Borrowing from other banks, financial 5 19,000,000 1,962,643,000 23,850,000 2,046,330,000
Institutions and agents
Deposit and other accounts - - - -
Current deposits and other accounts - - - -
Bills payable - - - -
Savings bank deposits - - - -
Fixed Deposits - - - -
Other liabilities 6 47,500 4,906,608 42,401 3,638,027

Total liabilities 19,047,500 1,967,549,608 23,892,401 2,049,968,027
Capital / Shareholders’ equity

Paid up capital - - - -
Statutory reserve - - - -
General Reserve - - - -
Revaluation reserve against securities - - - -
Revaluation reserve against fixed assets - - - -
Surplus in profit and loss account 7 421,309 43,519,974 443,670 38,066,968
Total shareholders’ equity 421,309 43,519,974 443,670 38,066,968

Total liabilities and shareholders’ equity 19,468,809 2,011,069,581 24,336,072 2,088,034,996

IFIC Bank PLC
2022 2021
Particulars Note
USD Taka USD Taka
Interest income 8 1,064,368 109,946,021 1,216,588 104,383,279

Interest paid on deposits, borrowings etc. 9 709,138 73,251,809 808,475 69,367,180
Net interest income 355,230 36,694,212 408,113 35,016,099
Investment Income - - - -
Commission, exchange and brokerage 10 27,423 2,832,681 31,467 2,699,907
Other operating income 11 38,656 3,993,081 4,090 350,962
Total operating income 421,309 43,519,974 443,670 38,066,968
Salaries and allowances - - - -

Rent, taxes, insurance, electricity etc. - - - -
Legal expenses - - - -
Postage, stamp, telecommunication etc. - - - -
Stationery, printing, advertisement etc. - - - -
Managing Director’s salary - - - -
Directors’ fees - - - -
Auditors’ fees - - - -
Charges on loan loss - - - -
Depreciation and repair of bank’s assets - - - -
Other expenses - - - -
Total operating expenses - - - -
Profit/(Loss) before provision 421,309 43,519,974 443,670 38,066,968
Provision for loans, investments and other assets

Specific Provision - - - -
General Provision - - - -
Provision for off-balance sheet exposures - - - -
Provision for diminution in value of investments - - - -
Provision for other assets - - - -
Total provision - - - -
Profit/(Loss) before taxes 421,309 43,519,974 443,670 38,066,968
These financial statements should be read in conjunction with the annexed notes.

IFIC Bank PLC
1 Status of the Unit

Off-shore Banking Units of IFIC Bank PLC, governed under the rules and guidelines of Bangladesh Bank. The Bank
obtained the Off-shore Banking Unit permission from Bangladesh Bank vide letter no. BRPD (P-3) 744 (104)/2009-4233
dated 17 November 2009. The Bank commenced the operation of its Off-shore Banking Unit on 10 May 2010. Presently
the Bank has 1 (one) unit in Dhaka. The principal activity of the unit is to provide all kinds of commercial banking services
to its customers through its off-shore Banking Unit in Bangladesh.
2 Significant Accounting Policies and Basis of Preparation of Financial Statements

2.1 Basis of accounting
The Off-shore Banking Unit maintains its accounting records in USD from which accounts are prepared according to
the Banking Companies Act 1991, International Accounting Standards (IASs), and other applicable directives issued by
Bangladesh Bank.
2.2 Foreign currencies transaction and translation to presentation currency

Foreign currency transactions are converted into equivalent USD using the ruling exchange rates on the dates of
respective transactions as per IAS 21: The Effects of Changes in Foreign Exchange Rates.

Particulars Note
USD Taka USD Taka
3 Loans and Advances

3.1 Loans, cash credits, overdrafts etc.
Term loan 16,753,690 1,730,605,893 19,991,206 1,715,245,477
16,753,690 1,730,605,893 19,991,206 1,715,245,477
3.2 Bills purchased and discounted

Inside Bangladesh 1,700,457 175,652,158 4,045,450 347,099,610
Outside Bangladesh - - - -
1,700,457 175,652,158 4,045,450 347,099,610
18,454,147 1,906,258,051 24,036,656 2,062,345,087
4 Other Assets
Interest receivable on term loan - - 32,211 2,763,742
Interest receivable on bills discount - - 25,951 2,226,614
- - 58,162 4,990,356
5 Borrowing from other Banks, Financial

Institutions and its Agents
In Bangladesh:
IFIC Bank PLC 19,000,000 1,962,643,000 23,850,000 2,046,330,000
19,000,000 1,962,643,000 23,850,000 2,046,330,000

Particulars Note
USD Taka USD Taka
6 Other Liabilities
Interest on borrowing from abroad - - - -
Due to Head Office 47,500 4,906,608 42,401 3,638,027
47,500 4,906,608 42,401 3,638,027
7 Surplus in Profit and Loss Account

Opening balance 443,670 38,066,968 282,063 23,919,211
Less: Adjustment/ payment for the year (443,670) (38,066,968) (282,063) (23,919,211)
Add: Addition during the year 421,309 43,519,974 443,670 38,066,968
421,309 43,519,974 443,670 38,066,968
8 Interest Income
Term Loan 1,037,693 107,190,530 1,143,825 98,140,220
Bills discount 26,675 2,755,491 72,763 6,243,059
Interest on loans and advances 1,064,368 109,946,021 1,216,588 104,383,279
9 Interest Paid on Deposits, Borrowings

etc.
Interest paid on IFIC Bank PLC 709,138 73,251,809 808,475 69,367,180
709,138 73,251,809 808,475 69,367,180
10 Commission, Exchange and Brokerage

Income-Fees & Commission 27,423 2,832,681 31,467 2,699,907
27,423 2,832,681 31,467 2,699,907
11 Other Operating Income

Income-Other Operating 38,656 3,993,081 4,090 350,962
38,656 3,993,081 4,090 350,962

Financial Statements
of the Subsidiaries

IFIC Securities Limited
Directors’ Report
Respected Shareholders, expenses incurred by IFICSL stood at BDT 263.2 million.

The Board of Directors is pleased to present the 12th Annual Furthermore, the total profit before tax stood at BDT 403.50
Report of IFIC Securities Ltd. (IFICSL) for the year ended million during 2022. After keeping BDT 103.20 million as
on 31 December 2022. In the report, IFICSL’s operational provision for income tax, the net profit of IFICSL for 2022 was
performance of the year 2022 as compared to 2021 has been BDT 300.30 million.
evaluated and analyzed within prevailing business environment.
Loans & Advances
The information and analysis may be read in conjunction with
Total margin loan facilities provided to the investors by IFICSL
the audited financial statements presented herewith.
was BDT. 4,010.22 million as on 31 December 2022.
Capital Market 2022
Own Portfolio
The Capital Market of the country has been passing a turbulent
Managing own investment portfolio is a regulatory requirement
phase post COVID 19 since 2020. The business scenario in
and also a core business objective of IFICSL to ensure higher
Bangladesh as well as the rest of the world has been very dull
return on equity. IFICSL has established an investment
due to COVID 19. This situation has been further crippled by
process and has been maintaining its own portfolio following
the delayed impact of the ongoing Russia Ukraine War. The
this process in compliance with the Investment Policy of
effect has also been visible in the capital market of Bangladesh.
IFICSL. Despite a turbulent market during 2022 the active
Following a deep depression from the beginning of 2021,
participation of IFICSL in the capital market and the expertise
the trend of the capital market indicators has continued on a
of the management has enabled IFICSL to earn a capital gain
downward trend during 2022. The implementation of floor
of BDT 4.58 million during 2022. The expertise and experience
price by the Government of Bangladesh has impacted the
of the management has been key in guiding the company
capital market adversely by reducing the liquidity in the market
through a turbulent year for capital market and the business
to almost nil. The psychological impact of the implementation
environment of Bangladesh.
of floor price on its participants is clearly reflected in both the
average daily volume of Dhaka Stock Exchange Limited and the Support Services from IFIC Bank Ltd
trade volume of IFICSL as a participant. IFIC Bank Ltd is providing professional support services to the
IFICSL in the field of HRM, Support Services and IT. As such
Our business
entire functions of these fields are being managed from the
IFICSL has been established with the objectives of rendering
respective IFIC Bank PLC divisions minimizing overall cost of
compliant, efficient and innovative brokerage services to the
operations.
prospective investors of the country, as well as to ensure
adequate return on equity to the shareholders. Rotation/Re‐election of Directors
According to clause 52 of the Articles of Association of the
IFIC Securities Limited is a fully owned subsidiary of
Company, the Directors shall retire by rotation at the 12th
International Finance Investment and Commerce Bank Limited
Annual General Meeting. However, as per clause 53 they are
(IFIC Bank Ltd) and was incorporated with the Registrar of Joint
eligible for re‐election.
Stock Companies and Firms, Bangladesh as a public limited
company on 02 November 2010 under Companies Act, 1994. Appointment of Auditors and fix‐up their remuneration
IFICSL as a subsidiary company of IFIC Bank for stock dealer In the 12th Annual General Meeting of the company MJ
and stock broker operations is authorized to undertake the Abedin & Co. Chartered Accountants will be appointed as the
following major activities: statutory auditors of the company up to the conclusion of the
z Opening of Beneficiary owners (BO) account; 13th Annual General Meeting.
z Buy and Sell of Securities in Dhaka Stock Exchange Ltd; Dividend
In order to strengthen the capital base of the Company and
z Margin Loan facilities to its clients;
also to ensure sufficient liquidity for smooth operations, the
z Settlement of buying and selling of Securities in Dhaka Board of Directors of the company did not recommend any
Stock Exchange through CDBL; dividend for the year 2022.
z Process IPO applications on behalf of clients; Acknowledgement
z Stock Dealer operation The Board of Directors would like to express its gratitude
Capital and thanks to our valued shareholders, customers, bankers,
The authorized capital of IFICSL is BDT 3,000 million of which regulators, DSE, CDBL, BSEC and other stakeholders for
BDT 2,200 million has been paid up. The Paid‐up capital their continuous support and assistance. The Board has
represents the face value of 220,000,000 shares of BDT 10 special thanks for the management and employees for their
each fully subscribed by the shareholders. commitments and hard work about the company.
Total shareholders’ equity at the end of December 2022 stood For and on behalf of the Board of Directors.
at BDT 3,217.90 million including retained earnings of BDT
983.40 million.
Profit & Operating Results
IFICSL has earned BDT 666.70 million for the year 2022 in
the form of operating income. During 2022 the operational Chairman

MOORE Gg. ‡R. Av‡e`xb GÛ ‡Kvs
National Plaza, 3rd Floor
109 Bir Uttam C. R. Datta Road
Dhaka - 1205, Bangladesh
T +088 02-9632568, 02223366340
E [email protected]
www.mjabedin.com

To the Shareholders of
Report on the Audit of the Financial Statements

Opinion
We have audited the financial statements of IFIC Securities Limited (“the Company”), which comprise the statement of financial
position as at 31 December 2022, and the statement of profit or loss and other comprehensive income, statement of changes in
equity and statement of cash flows for the year ended,and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31
December 2022, and of its financial performance and its cash flows for the period ended in accordance with International Financial
Reporting Standards (IFRSs), the Companies Act 1994, and other applicable laws and regulations.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we
Emphasis of Matter
As disclosed in note 2.1 of the financial statements, the entity has followed the requirements of Bangladesh Bank, as per the policy
of its parent company, with regard to investment in shares instead of IFRS 7 and IFRS 9. Our opinion is not modified in respect of
this matter.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International
Financial Reporting Standards (IFRSs),the Companies Act 1994 and other applicable laws and regulations and for such internal control
as management determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout
the audit. We also:
z Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.


z Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
evidences obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidences obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
z Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
In accordance with the Companies Act 1994 , we also report the following:
(a) we have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the
purpose of our audit and made due verification thereof;
(b) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of those books; and
(c) The statement of Financial Position (Balance Sheet) and statement of profit or loss and other comprehensive income (Profit
and Loss Account) dealt with by the report are in agreement with the books of account.
Dated, Dhaka M. J. ABEDIN & CO.

30 March 2023 Chartered Accountants
Reg. No: N/A
Hasan Mahmood, FCA
Partner
Enrollment No: 564
DVC : 2304020564AS146870


Statement of Financial Position
As at 31 December 2022
ASSETS
Non-current assets
Property, plant and equipment 4 36,284,776 43,512,930
Investments in stock exchange 5 56,241,750 56,241,750
Deferred tax asset 6 1,213,935 804,905
93,740,461 100,559,586
Current assets
Margin loan to clients 7 4,010,217,971 3,976,877,823
Investment in securities 8 3,202,594,560 3,113,020,977
Application for IPO 9 - 7,807,500
Account receivable from DSE 1,628,017 65,117
Interest & dividend receivables 250,725,833 159,731,433
Advance, deposits and prepayment 10 501,286,668 408,901,700
Cash & cash equivalents 11 60,679,706 111,391,313
8,027,132,753 7,777,795,863
Total 8,120,873,214 7,878,355,449
EQUITY AND LIABILITIES:

Shareholders’ equity
Paid up capital 12.1 2,200,000,000 2,200,000,000
Capital reserve 13 34,504,897 -
Retained earnings 14 983,399,547 717,602,578
3,217,904,443 2,917,602,578
Non- current liabilities

Lease liabilities 15 25,006,707 28,653,354
25,006,707 28,653,354
Current liabilities
Lease liabilities - current portion 15 6,258,853 6,234,651
Borrowing form bank 16 2,605,620,317 2,704,872,849
Provision for income tax 17 484,542,878 380,929,363
Clients deposits 18 46,436,703 90,123,200
DSE payable 19 6,209 7,630,135
General provision 20 231,296,839 231,296,839
4,877,962,063 4,932,099,516
TOTAL 8,120,873,214 7,878,355,449
The annexed notes from an integral part of these financial statements.
Chief Executive Officer Director Director

[Current Charge]
Dhaka, 30 March 2023 Hasan Mahmood FCA

Enrolment no: 564
M. J. Abedin & Co.
DVC No. 2304020564AS146870

Statement of Profit or Loss and other Comprehensive Income
1 January to 1 January to
Particulars Note
Revenue 22 662,079,369 737,370,474

Less: Direct expense 23 7,968,569 13,917,214
Gross profit 654,110,800 723,453,260
Other income 24 4,600,435 7,358,014
Operating revenue 658,711,235 730,811,274
Less: Operating expense 25 28,751,671 26,093,286
Operating profit 629,959,564 704,717,988
Less: Finance cost 26 226,453,214 244,711,301
Profit/(Loss) before povision & tax 403,506,350 460,006,687
Less: Provision 27 - -
Profit before tax 403,506,350 460,006,687
Provision for taxation
Current tax 17 103,613,515 115,692,496
Deferred tax 6 (409,030) (734,776)
103,204,485 114,957,721
Net profit after tax 300,301,865 345,048,966
Other comprehensive income - -
Total Comprehensive Income 300,301,865 345,048,966

The annexed notes from an integral part of these financial statements.
Chief Executive Officer Director Director

[Current Charge]
Dhaka, 30 March 2023 Hasan Mahmood FCA

Enrolment no: 564
M. J. Abedin & Co.
DVC No. 2304020564AS146870

Statement of Change in Equity
Particulars Paid up capital Capital reserve Retained earnings Total
Balance as at 1 January 2022 2,200,000,000 - 717,602,578 2,917,602,578

Net profit for the year - - 300,301,865 300,301,865
Transfer to capital reserve - 34,504,897 (34,504,897) -
Balance as at 31 December 2022 2,200,000,000 34,504,897 983,399,547 3,217,904,443
Particulars Paid up capital Capital reserve Retained earnings Total
Balance as at 1 January 2021 2,200,000,000 372,553,612 2,572,553,612

Net profit for the year - 345,048,966 345,048,966
Balance as at 31 December 2021 2,200,000,000 717,602,578 2,917,602,578

Statement of Cash Flow
Particulars
A) Cash flows from operating activities

Profit before provision and taxation 403,506,350 460,006,687
Adjustment for non-cash item & interest expense:
Depreciation and amortisation 8,279,029 7,906,801
Interest expense 226,453,214 244,711,301
638,238,593 712,624,789
Changes in:
Current assets (84,356,464) 696,066,291
Current liabilities (58,522,638) (782,645,763)
(142,879,102) (86,579,473)
Cash generated from operations 495,359,490 626,045,317
Income tax paid (92,778,304) (73,925,994)
Net cash from/(used in) operating activities 402,581,187 552,119,322
B) Cash flows from investing activities

Purchase of securities (102,939,807) (114,204,538)
Sale of securities 13,366,224 70,521,462
Margin loan (33,340,148) (69,476,442)
Purchase of property, plant & equipment (1,050,873) (10,984,667)
Net cash from investing activities (123,964,604) (124,144,185)
C) Cash flows from financing activities

Borrowing from bank (99,252,532) (155,390,584)
Payment against lease liability (3,622,445) 1,039,682
Interest on borrowing from bank (223,830,312) (241,869,838)
Interest on lease liability (2,622,902) (2,841,463)
Net Cash from financing activities (329,328,190) (399,062,203)
D) Net increase in cash and cash equivalents (A+ B + C) (50,711,608) 28,912,934

E) Cash and cash equivalents at beginning of the year 111,391,313 82,478,379
F) Cash and cash equivalents at end of the Year (D+E) 60,679,706 111,391,313
Closing cash and cash equivalents
Cash in hand 38,230 43,833
Cash at Bank 60,641,476 111,347,480
60,679,706 111,391,313

As at and for the Year ended 31 December 2022
1 Status of the Reporting Entity

1.1 Corporate history:
IFIC Securities Limited [IFICSL] is a fully owned subsidiary of IFIC Bank PLC. and was incorporated in Bangladesh and
registered with Joint Stock Companies and Firms vide its registration number C-87904/10 on November 02, 2010 as a
public limited company. The registered office of the company is located at IFIC Tower, 61 Purana Paltan C/A, Dhaka.
1.2 Nature of business:
The principal objectives of the company is to carry on the business of stock brokers and dealers to execute buy and sell
and deal in shares, stocks, debentures, bond and other securities and to maintain own portfolio as well as customers
portfolio under the discretion of customers. The company also performs the other activities relates to capital market as
and when regulators permits the company to carry out the activities as mentioned in the Memorandum of Association.
2 Basis of Preparation:
2.1 Statement of compliance:
The financial statements of IFIC Securities Limited have been prepared in accordance with the International Accounting
Standards (IAS) and International Financial Reporting Standards (IFRS), Companies Act 1994 and other applicable laws in
Bangladesh such as:
-Securities and Exchange Commission Act, 1993
-Securities and Exchange Rules, 2020
-Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996
Securities and Exchange Commission (Stock-Dealer, Stock-Broker and Authorized Representatives) Rules, 2000
-Dhaka Stock Exchange Limited (DSE) Rules
-Central Depository Bangladesh Limited (CDBL) Rules
Other applicable laws and regulations.
The Company has departed from the following contradictory requirements of IFRSs in order to comply with the rules and
regulations of Bangladesh Bank, which is the primary regulator of its parent, IFIC Bank PLC.:
Investment in shares and securities
IFRS: As per requirements of IFRS 9: Financial Instruments, investment in shares and securities generally falls either under
“at fair value through profit and loss account” or “at fair value through other comprehensive income” where any change
in the fair value (as measured in accordance with IFRS 13) at the year end is taken to profit and loss account or other
comprehensive income respectively.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003 investments in quoted shares and unquoted shares
are revalued at the year end at market price and as per book value of last audited balance sheet respectively. Provision
should be made for any loss arising from diminution in value of investment (portfolio basis); otherwise investments are
recognized at cost.
2.2 Basis of measurement
The financial statements have been prepared based on historical cost convention basis. The accounting policies, unless
otherwise stated, have been consistently applied by the Company and are consistent with those of the previous years.
2.3 Use of estimates and judgments:
In the preparation of the financial statements in conformity with IFRSs requires management to make judgments, estimates
and assumptions that affect the application of accounting policies and the measurement of assets, liabilities, income and
expenses. Accordingly, actual results may differ from these estimates. Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in
any future periods affected.
Key estimates are as follows:
-Provision for loans, advances and investments
-Deferred tax assets/liabilities
-Useful life of depreciable assets
-Provision / accruals for expenses
-Provision for current taxation
-Lease Liabilities and Right of Use Assets

2.4 Functional and presentational currency and level of precision:
The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company’s functional
currency. All financial information presented has been rounded off to the nearest Taka except where indicated otherwise.
2.5 Reporting period:
The financial period of the company covers from 1 January to 31 December.
2.6 Date of authorization
The Board of Directors has authorized these financial statements for public issue on 30 March 2023.
2.7 Components of the financial statements:
According to the International Accounting Standard (IAS) 1 as adopted by ICAB “Presentation of Financial Statements” the
complete set of financial statements includes the following components:
i) Statement of Financial Position
ii) Statement of Profit or Loss and Other Comprehensive Income
iii) Statement of Changes in Equity
iv) Statement of Cash Flows
v) Notes to the Financial Statements
2.8 Comparative information
Accounting policies have been consistently applied by the Company and are consistent with those used in the previous
period. Comparative amounts in the financial statements have been reclassified and rearranged to conform to the current
period’s presentation. The Company did not restated its comparative figures which affect the related implications of IAS 1:
Presentation of Financial Statements.
3 Summary of Significant Accounting Policies:
3.1 Recognition and measurement of fixed assets:
Property, Plant and Equipment (PPE) are initially measured at cost and after initial recognition, it is carried at cost less
accumulated depreciation and impairment losses in compliance with the requirements of IAS-16: Property, Plant and
Equipment and IAS-36: Impairment of Assets respectively.
3.2 Disposal of fixed assets:
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is
reflected in the Statement of Profit or Loss and Other Comprehensive Income, which is determined with reference to the
written down value of the assets and net sales proceeds.
3.3 Depreciation on fixed assets:
Depreciation on property, plant and equipment is charged using straight-line method in accordance with the provisions of
IAS 16: Property, Plant and Equipment. Rate of depreciation on Property, Plant and Equipment considering the useful life
of assets are as follows:
Sl no Particulars of assets Useful life (years)

1 Furniture & Fixture 10
2 Electric Goods 8
3 Computer & Equipments 5
4 Office Renovation 5
3.4 Investment in securities

Investments in listed securities are recognized at cost. In case of diminution of market value compared to cost, provision is
made on portfolio basis but no unrealized gain is booked when market value exceeds cost.
3.5 Advance, deposits and prepayments
Advances are initially measured at cost. and after initial recognition advances are carried at cost less deductions,
adjustments or charges to other account heads such as PPE or inventory etc. Security Deposits are measured at payment
value. Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to
profit and loss account.
3.6 Cash and cash equivalents:
Cash and Cash equivalents include cash in hand and with banks on current and deposit accounts which are held and
available for use by the company without any restriction and insignificant risk of change in value of the same.
3.7 Provision for income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the statement of profit or
loss and other comprehensive income in accordance with IAS 12: Income Taxes. Provision for income tax is made on the
basis of Company’s computation based on the best estimate of taxable profit in accordance with Income Tax Ordinance,
1984.

3.8 Provisions
Provision is recognized on the balance sheet date if, as a result of past events, the company has a presents legal or
constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be
required to settle the obligation.
3.9 Revenue recognition:
Revenue is recognized only when it is probable that the economic benefits associated with the transaction will flow to the
Company and in accordance with the International Financial Reporting Standard (IFRS)-15: “Revenue from Contracts with
Customers”.
3.10 Brokerage commission
Brokerage commission is recognized as income when selling or buying order executed.
3.11 Interest income from margin loan
Income from margin loan is recognized on accrual basis. Such income is calculated considering daily margin loan balance of
the respective customers.
3.12 Dividend income
Dividend income is recognized when right to receive or payment is established.
3.13 Gain/(loss) on sale of marketable securities
Profit or loss arising from the sale of securities is accounted for only when shares are sold in the market and profit is
realized or loss is incurred.
3.14 Earnings Per Share (EPS)
The Company calculates earnings per share in accordance with International Accounting Standard (IAS) 33: “Earnings Per
Share” which has been shown in the face of the Statement of Profit or Loss and Other Comprehensive Income.
3.15 Events after the reporting period
No events were occurred after the reporting date that could afect the financial position of the company or required
disclosure.

Notes to the Financial Statements.
4 Property, Plant and Equipment

Furniture and fixture 640,218 731,678
Electric goods 1,663,622 1,722,281
Computer and equipment 5,884,203 7,626,507
Office renovation 2,110,717 2,259,001
Right of Use Assets 25,986,015 31,173,463
36,284,776 43,512,930
Details are shown in “Annexure-A”
5 Investments in Stock Exchange

DSE Membership 56,241,750 56,241,750
56,241,750 56,241,750
This represents our original investment cost for DSE membership in exchange of which shares at a face value of Tk. 10 each have been
allotted in favor of the company in October 2013 for DSE. As per the provision of the Exchange Demutualization Act-2013 and in
accordance with the Bangladesh Securities and Exchange Commission (BSEC) approved demutualization scheme, Dhaka Stock Exchange
Ltd. (DSE) allotted total 54,11,329 ordinary Shares at face value of Tk. 10 each against the membership of DSE. Out of the above DSE
transferred 28,86,042 shares directly to the credit of the Beneficiary Owner’s account of the company. The rest shares were credited
to blocked accounts as per provisions of the Exchange Demutualization Act. 2013. As there is no active market for shares DSE, this
investmen has shown the value at original cost.

6 Deferred Tax Assets / Liabilities

i) Deferred tax on fixed assets
Tax written down value 9,433,526 11,307,943
Accounting written down value 10,298,761 12,339,467
Temporary difference on written down value 865,234 1,031,524
Closing deferred tax (assets)/liabilities 237,939 309,457

Opening deferred tax (assets)/liabilities 309,457 (51,604)
Deferred tax (income)/expenses (A) (71,518) 361,062
ii) Deferred tax on leased assets

Right-of-Use Assets 25,986,015 31,173,463
Lease liabilities 31,265,560 34,888,005
Carrying amount (5,279,545) (3,714,542)
Tax base - -
Temporary difference (5,279,545) (3,714,542)
Tax rate 27.50% 30%
Closing deferred tax (assets)/ liabilities (1,451,875) (1,114,363)
Opening deferred tax (assets)/ liabilities (1,114,363) (18,525)
Deferred tax (income)/expenses (B) (337,512) (1,095,837)
Deferred tax (income)/ expense (A+B) (409,030) (734,776)
Net deferred tax liabilities/ (assets) (1,213,935) (804,905)
7 Margin Loan to Clients

Opening balance 3,976,877,823 3,907,401,381
Increase/(Decrease) during the year 33,340,148 69,476,442
4,010,217,971 3,976,877,823
8 Investment in Securities
General Fund 2,808,274,785 2,718,701,202
Special Fund 394,319,775 394,319,775
3,202,594,560 3,113,020,977
Details are shown in “Annexure-B”
9 Application for IPO

Union Bank Limited - 5,000,000
Union insurance Limited - 2,170,000
BD Thai Food & Beverage Limited - 637,500
- 7,807,500
10 Advance, Deposits and Prepayment

Advance income tax 10.1 500,586,008 407,807,704
Advance for car purchase 472,210 805,546
Advance to employee 225,000 225,000
Advance for land phone 3,450 3,450
Others - 60,000
501,286,668 408,901,700

10.1 Advance income tax

Opening balance 407,807,704 333,881,710
Paid during the year 92,778,304 73,925,994
500,586,008 407,807,704
11 Cash and Cash Equivalents

Cash in hand 33,005 38,608
Cash at bank
IFIC Bank - Current Account (1001-365185-001) 60,299,999 108,093,619
IFIC Bank - Corporate Plus (1001-354511-021) 111,578 3,076,856
IFIC Bank Current Account (0000354511002) 48,505 -
IFIC Bank - SND Account (1001-651269-041) 181,394 177,005
60,641,476 111,347,480
Balance with BO account 5,225 5,225
60,679,706 111,391,313
12 Share Capital
Authorized capital
30,00,00,000 Ordinary shares of BDT 10 each 3,000,000,000 3,000,000,000
12.1 Issued, subscribed & paid-up capital

220,000,000 Ordinary share of BDT 10 each 2,200,000,000 2,200,000,000
2,200,000,000 2,200,000,000
12.2 Shareholding position

No. of shares Face Amount in Taka
Shareholder
31 December 2022 31 December 2021 value 31 December 2022 31 December 2021
IFIC Bank PLC. 219,999,400 219,999,400 10 2,199,994,000 2,199,994,000
Mr. M. Shah Alam Sarwar 100 100 10 1,000 1,000
Mr. Md. Nurul Hasnat 100 100 10 1,000 1,000
Mr. Shah Md. Moinuddin 100 100 10 1,000 1,000
Mr.K A R M Mostofa Kamal 100 100 10 1,000 1,000
Mr. Md. Abdullah Al Masum 100 100 10 1,000 1,000
Mr. Md. Rafiqul Islam 100 100 10 1,000 1,000
220,000,000 220,000,000 2,200,000,000 2,200,000,000
13 Capital Reserve
Capital reserve of BDT 34,504,897 has been maintained in line with the rule of Bangladesh Securities Exchange
Commission (BSEC) Risk Based Capital Adequacy Rules 2019. According to this rules IFICSL maintained capital reserve
at 10% of its last year Profit after Tax.
14 Retained Earnings
Opening balance 717,602,578 372,553,612
Add: Profit during the year 300,301,865 345,048,966
Transferred to capital reserve (34,504,897) -
983,399,547 717,602,578
15 Lease Liabilities
Opening balance 34,888,005 33,848,323
Addition during the year - 2,569,589
Adjustment during the year (3,622,445) (1,529,907)
31,265,560 34,888,005

15.1 Non- current portion of lease liabilities 25,006,707 28,653,354

Current portion of lease liabilities 6,258,853 6,234,651
31,265,560 34,888,005
16 Borrowing form Bank

IFIC Bank - working capital 2,205,716,797 2,305,440,153
IFIC Bank - special fund* 399,903,521 399,432,696
2,605,620,317 2,704,872,849
*Borrowing from IFIC Bank PLC. under Special Fund as per BB DOS Circular number 1, dated 10 February 2020
17 Provision for Income Tax

Opening balance 380,929,363 265,236,867
Add: Provision for the year 103,613,515 115,692,496
484,542,878 380,929,363
18 Clients Deposits
IFIC Bank PLC. 1,539,505 930,553
Others client 44,897,198 89,192,647
46,436,703 90,123,200
19 DSE Payable
Payable for broker 6,209 7,630,135
6,209 7,630,135
20 General Provision
Margin loan to clients 231,296,839 231,296,839
231,296,839 231,296,839
21 Other Liabilities
Withholding liabilities 21.1 145,610 -
Liabilities for expenses 21.2 2,492,984 2,364,398
Unrealized interest income 21.3 1,500,842,810 1,500,842,810
Payable to issuer - 7,659,990
Sundry creditor 285,246 115,000
Unclaimed 33,614 30,280
1,503,800,264 1,511,012,478
21.1 Withholding liabilities

VAT payables 84,974 -
Tax payable 60,636 -
145,610 -
21.2 Liabilities for expenses

Electricity 65,000 44,548
WASA 119,834 126,100
CDBL 700,025 600,000
Audit fees 158,125 143,750
Bonus payable 1,450,000 1,450,000
2,492,984 2,364,398
21.3 Unrealized Interest Income

1,500,842,810 1,500,842,810
Unrealized Interest Income is interest charged to the margin loan account, but not recognised as income. The interest amount will
subsequently be recognised as income when the value of equity become positive.

Notes to the financial statements
Particulars Note
22 Revenue
Brokerage commission 58,030,132 91,470,285
Interest Income 504,781,632 486,428,706
Dividend income 94,690,033 92,815,190
Capital gain on sale of share 4,577,572 66,656,293
662,079,369 737,370,474
23 Direct Expense
Laga 3,885,239 6,480,964
Hawla 22,000 -
CDBL 4,061,330 7,436,250
7,968,569 13,917,214
24 Other Income
Account opening fee 33,000 66,500
BO maintenance 570,750 768,300
IPO income 13,260 31,655
Pledge & unpledged charge 3,870,248 6,005,147
Others income 113,177 486,412
4,600,435 7,358,014
25 Operating Expense
Salary and allowances 25.1 13,423,037 11,142,995
Depreciation 8,279,029 7,906,801
Legal and professional fee 594,825 123,500
Repair and maintenance 730,627 146,920
Printing stationery 344,962 316,223
Utilities services 1,523,000 883,189
Bank guarantee charge - 1,840,000
Director’s remuneration 308,000 730,400
AGM expenses 210,000 180,800
Connectivity 707,178 389,517
Entertainment 490,498 387,358
Telephone and mobile bill 94,000 37,400
Security guard 645,054 573,540
Audit fee 215,625 182,250
Regulatory fees 396,678 533,137
Crockeries 14,650 13,395
Conveyance 91,327 73,980
Business and Promotional Expenses 2,500 80,000
Other expenses 680,681 551,882
28,751,671 26,093,286

Particulars Note
25.1 Salary and allowances

Basic salary 6,083,099 5,316,665
Conveyance allowance 371,520 368,496
Entertainment allowance 215,500 233,887
Bonus 1,139,353 957,599
Incentive bonus 1,450,000 359,818
House rent 2,858,960 2,551,689
Medical allowance 608,305 527,617
Car maintenance - 55,556
Other allowance 187,500 232,868
Leave fare assistance 508,800 538,800
13,423,037 11,142,995
26 Finance Cost
Interest on lease liabilities 2,622,902 2,841,463
Interest on bank loan 223,830,312 241,869,838
226,453,214 244,711,301
27 Earning Per Share (EPS)

No of shares 220,000,000 220,000,000
1.37 1.57
28 Related Party Transactions

As at and for the /Period year ended
A. Relationship with the company : Parent
Loan form bank 2,605,620,317 2,704,872,849
Clients deposits 1,539,505 930,553
B. Investment in the securities of Director and their related concern:

Relation with
Investee Entity Related Director Investment at Cost
Investee Entity
Beximco Pharmaceuticals Ltd Ms. Quamrun Naher Ahmed Director 3,035,918,365

Annexure-A
260
Schedule of Property, Plant & Equipment
Amount in BDT
Cost Depreciation
Written down value
Annual Report 2022

Particulars Balance as at 1 Addition during the Balance as at 31 Balance as at 1 Addition during the Balance as at 31 31 December 2022
January 2022 year December 2022 January 2022 year December 2022
Furniture and fixture 914,598 - 914,598 182,920 91,460 274,380 640,218

Electric equipment 2,576,600 273,580 2,850,180 854,319 332,239 1,186,558 1,663,622
Computer and equipment 13,567,938 105,100 13,673,038 5,941,431 1,847,404 7,788,835 5,884,203
Office renovation 4,055,741 672,193 4,727,934 1,796,740 820,477 2,617,217 2,110,717
Sub-total 21,114,877 1,050,873 22,165,750 8,775,410 3,091,580 11,866,989 10,298,761
Right of Use Assets 43,317,977 - 43,317,977 12,144,514 5,187,448 17,331,962 25,986,015
Total 64,432,854 1,050,873 65,483,727 20,919,924 8,279,028 29,198,951 36,284,776
Cost Depreciation
Written down value
Particulars Balance as at 1 Addition during the Balance as at 31 Balance as at 1 Addition during the Balance as at 31 31 December 2021
January 2021 year December 2021 January 2021 year December 2021
Furniture and fixture 914,598 - 914,598 91,460 91,460 182,920 731,678

Electric equipment 2,576,600 - 2,576,600 532,244 322,075 854,319 1,722,281
Computer and equipment 5,152,860 8,415,078 13,567,938 4,446,761 1,494,670 5,941,431 7,626,507
Office renovation 4,055,741 - 4,055,741 985,592 811,148 1,796,740 2,259,001
Sub-total 12,699,799 8,415,078 21,114,877 6,056,057 2,719,353 8,775,410 12,339,467
Right of Use Assets 40,748,388 2,569,589 43,317,977 6,957,066 5,187,448 12,144,514 31,173,463
Total 53,448,187 10,984,667 64,432,854 13,013,123 7,906,801 20,919,924 43,512,930
Back to Content
Annexure-B

Details of Investment in Securities
Back to Content
Amount in BDT
Mkt or NAV
price/share
Under General Fund
Investment in shares
Bangladesh Export Import Company Limited 10 816,250 117.06 95,553,349 115.60 94,358,500 (1,194,849)
Beximco Pharmaceuticals Limited 10 21,780,000 121.64 2,649,232,273 146.20 3,184,236,000 535,003,727
Esquire Knit Composite Limited 10 20,890 45.00 940,050 34.50 720,705 (219,345)
Runner Automobiles Limited 10 7,566 71.43 540,450 48.40 366,194 (174,256)
Square Pharmaceuticals Limited 10 60,500 214.39 12,970,684 209.80 12,692,900 (277,784)
Islami Commercial Insurance Companay Limited 10 8,798 10.00 87,980 28.10 247,224 159,244
Sub- total 2,759,324,785 3,292,621,523 533,296,738
Beximco Green-Sukuk Al Istisna’a 100 550,000 89.00 48,950,000 89.00 48,950,000 -
Total 2,808,274,785 3,341,571,523 533,296,738
Under Special Fund as per BB DOS Circular number 1, dated

10 February 2020
British American Tobacco bangladesh Company Limited 10 9,000 362.57 3,263,151 518.70 4,668,300 1,405,149
Square Pharmaceuticals Limited 10 11,500 190.62 2,192,132 209.80 2,412,700 220,568
United Power Generation & Distribution Company Limited 10 7,700 282.91 2,178,400 233.70 1,799,490 (378,910)
Beximco Pharmaceuticals Limited 10 3,637,700 106.30 386,686,092 146.20 531,831,740 145,145,648
Sub- total 394,319,775 540,712,230 146,392,455
Grand Total 3,202,594,560 3,882,283,753 679,689,193
Annual Report 2022

261
Directors’ Report
Respected Shareholders, been very certain. IFICIL also faced challenges in maintaining
The Board of Directors is delighted to present the 2nd Annual investments in capital market since the market became very
Report of IFIC Investment Limited (IFICIL), the audited financial stagnant and there was low volatility in price index. However,
statements for the year ended 2022 and the independent to get rid of such difficult situation, IFICIL adopted the strategy
auditor’s report. In the report, IFICIL’s operational performance of liquidating and investing more in fixed income securities.
of the year 2022 has been evaluated and analyzed within This strategy has been fruitful and generated revenue income
prevailing business environment including a detailed scenario from fixed income securities.
of capital market in 2022, company’s overall performance and
Financial Reporting
the underlying factors that have influenced them. This report
IFICIL have maintained proper books of accounts by
has been prepared in accordance with Companies Act, 1994,
complying with International Accounting Standards (IAS)/
Corporate Governance code of the Bangladesh Securities and
International Financial Reporting Standards (IFRS) as applicable
Exchange Commission, Bangladesh Bank and other relevant
in Bangladesh. Appropriate accounting policies have been
authorities.
consistently applied in preparing the financial statements
Company Objectives and the accounting estimates are based on reasonable &
IFICIL had applied for a full-fledged merchant banking license prudent judgment. The financial statements prepared by the
and subsequently received the license on October 19, 2021. management present fairly its state of affairs, the results of
The primary objective of the company focuses on rendering its operation, cash flow and changes in shareholders’ equity.
all types of services such as portfolio management, issue Moreover, the internal control system is sound in design and
management and underwriting as well as margin loan lending has been implemented & monitored effectively.
to its clients. As an active participant of the capital market in
Capital
Bangladesh IFICIL aims to become a leading merchant bank by
The authorized capital of IFICIL is BDT 10,000 million of
providing adequate client services.
which BDT 400 million has been paid up. The Paid‐up capital
Capital Market Overview represents the face value of 40,000,000 ordinary shares of
The Capital Market of the country has been facing continued BDT 10 each fully subscribed by the shareholders. IFICIL plans
global crisis such as Russia-Ukraine war in 2022 and following to increase its paid-up capital in the near future so that it may
economic downfall in the form of price hike, inflation etc. increase its participation in the capital market of Bangladesh.
After effects of such crisis have made the market very
Profit & Operating Results
underperforming in the year 2022. Major market performance
IFICIL has earned BDT 40.6 million for the year 2022 in the
indicators such as trade volume, market liquidity etc. took a big
form of operating income. During 2022, the operational
tumble down the market curve. As protective measures, the
expenses incurred by IFICIL stood at BDT 7.3 million.
capital market regulators of the country imposed floor price of
Furthermore, the total profit before tax stood at BDT 19.8
shares in the secondary market. However, this measure made
million during 2022. After keeping BDT 5.1 million as provision
an adverse impact on liquidity of the market.
for income tax, the net profit of IFICIL for 2022 was BDT 14.7
Our Business million.
IFICIL has been established with the objectives of rendering
Our Portfolio
compliant, efficient and innovative merchant banking services
Managing own investment portfolio is a regulatory requirement
consisting of issue management, underwriting management,
and also a core business objective of IFICIL to ensure higher
and portfolio management services to the prospective
return on equity. IFICIL has established an investment process
investors and companies of the country, as well as to ensure
and has been maintaining its own portfolio by following this
adequate return on equity to the shareholders.
process with due diligence. The active participation of IFICIL
IFIC Investment Limited is a fully owned subsidiary of IFIC in the capital market has enabled the management to earn a
Bank PLC and was incorporated with the Registrar of Joint capital gain of BDT 5.4 million in 2022.
Stock Companies and Firms, Bangladesh as a public limited
Support Services from IFIC Bank PLC
company on November 30, 2020 under Companies Act, 1994.
IFIC Bank PLC is providing professional support services to
IFICIL acquired the Merchant Banking License in October 19,
the IFICIL in the field of HRM, Service & Estate and IT. As
2021 and since then, IFICIL as a subsidiary company of IFIC
such entire functions of these fields are being managed by
Bank PLC for full-fledged merchant banking operations is
following the policy of IFIC Bank PLC minimizing overall cost of
authorized to undertake the following activities:
operations.
z Issue management, underwriting management and
portfolio management Rotation/Re‐election of Directors
According to clause 51 of the Articles of Association of the
z Margin Loan facilities to its clients for the purposes of Company, the Directors shall retire by rotation at the 2nd
portfolio management Annual General Meeting. However, as per clause 53 they are
z Perform activities as trustee of mutual fund eligible for re‐election.
z Process IPO applications on behalf of clients Appointment of Auditors and fix‐up their remuneration
z Corporate advisory services As per clause 93 of the Articles of Association of the Company,
the company shall at each Annual General Meeting, appoint an
Challenges and Strategies
auditor or auditors to hold office until the next Annual General
Focusing on the capital market overview for the year 2022,
Meeting. The auditors of the company, M.J. Abedin & Co. has
the challenges regarding investment in capital market have
completed the second year as auditor of the company. In the

2nd Annual General Meeting of the company, MJ Abedin &
Co Chartered Accountants will be appointed as the statutory
auditors of the company up to the conclusion of the 3rd
Annual General Meeting.
Acknowledgement
The Board of Directors would like to express its gratitude
and thanks to our valued shareholders, customers, bankers,
Bangladesh Bank, Bangladesh Securities and Exchange
Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong
Stock Exchange (CSE), National Board of Revenue (NBR),
Registrar of Joint Stock and Firms (RJSC), Central Depository
Bangladesh Limited (CDBL) and other stakeholders for their
continuous support and assistance.
In conclusion, the Board would like to thank the management
and employees especially for their committed service and hard
work for the company.
For and on behalf of the Board of Directors.
Chairman


To the Shareholders of
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of IFIC Investment Limited (“the Company”), which comprise the statement of financial
position as at 31 December 2022, and the statement of profit or loss and other comprehensive income, statement of changes in
equity and statement of cash flows for the year ended,and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31
December 2022, and of its financial performance and its cash flows for the period ended in accordance with International Financial
Reporting Standards (IFRSs), the Companies Act 1994, and other applicable laws and regulations.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International
Financial Reporting Standards (IFRSs),the Companies Act 1994 and other applicable laws and regulations and for such internal control
as management determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout
the audit. We also:
z Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
z Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.


evidences obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidences obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
z Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
In accordance with the Companies Act, 1994 we also report the following:
(a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the
purpose of our audit and made due verification thereof;
(b) In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of those books; and
(c) The statement of Financial Position (Balance Sheet) and statement of profit or loss and other comprehensive income (Profit
and Loss Account) dealt with by the report are in agreement with the books of account.
Dated, Dhaka M. J. ABEDIN & CO.

30 March 2023 Chartered Accountants
Reg. No: N/A
Hasan Mahmood, FCA
Partner
Enrollment No: 564
DVC : 2304020564AS339171


Statement of Financial Position
Amount in BDT
Particulars Notes 31 December 2022 31 December 2021
Current Assets :
Investment in securities 4 537,957,893 160,115,044

Application for IPO 5 - 21,637,500
Dividend and Interest receivable 23,158,700 4,550,000
Advance income tax 18,521,929 7,134,413
Cash & Cash Equivalents 6 16,043,676 368,718,286
Total assets 595,682,197 562,155,243
EQUITY & LIABILITIES

Shareholders’ Equity :
Paid up capital 7 400,000,000 400,000,000
Retained Earnings 8 158,277,022 143,617,486
Total shareholder’s equity 558,277,022 543,617,486
Liabilities
Liabilities for expenses 9 1,197,724 950,523
Provision for diminution in value of investments 10 13,493,049 -
Provision for income tax 11 22,714,402 17,587,234
Total liabilities 37,405,175 18,537,757
Total liabilities and equity 595,682,197 562,155,243
These financial report should be read in conjunction with the annexed notes
Managing Director Director Director
30 March 2023 Hasan Mahmood, Partner

Dhaka Enrolment no: 564
M. J. Abedin & Co.
DVC No. : 2304020564AS339171

Statement of Profit or Loss and Other Comprehensive Income
Amount in BDT
Particulars Notes 2022 2021
Operating Income:
Capital gain from sale of share 5,400,393 166,772,344

Dividend income 11,848,700 4,550,000
Profit on Green-Sukuk Al Istisna’a 19,140,000 -
Bank interest 4,220,616 6,344,128
Total Income 40,609,708 177,666,472
Salary & allowances 12 6,409,839 4,638,339

Auditors’ Fee 92,000 111,166
Other expenses 13 828,116 11,712,247
Administrative expenses 7,329,955 16,461,752
Profit/(loss) before provision and tax 33,279,753 161,204,720
Provision for diminution in value of investments 10 13,493,049 -

Profit/(Loss) before tax 19,786,704 161,204,720
Income tax expenses 5,127,168 17,587,234

Profit/ (Loss) after Tax 14,659,536 143,617,486
Other comprehensive income - -
Total Comprehensive Income 14,659,536 143,617,486
Earnings Per Share (EPS) 0.37 3.59
These financial report should be read in conjunction with the annexed notes
Managing Director Director Director
30 March 2023 Hasan Mahmood, Partner

Dhaka Enrolment no: 564
M. J. Abedin & Co.
DVC No. : 2304020564AS339171

Statement of Changes in Equity
Amount in BDT
Particulars Paid up capital Retained earnings/(loss) Total
Balance as at 1 January 2022 400,000,000 143,617,486 543,617,486

Net profit/(loss) for the year - 14,659,536 14,659,536
Balance as on 31 December 2022 400,000,000 158,277,022 558,277,022
Balance as at 1 January 2021 - - -

Issue of share capital 400,000,000 - 400,000,000
Net profit/(loss) for the year - 143,617,486 143,617,486
Balance as on 31 December 2021 400,000,000 143,617,486 543,617,486

Statement of Cash Flows
Amount in BDT
Particulars 2022 2021
A) Cash flows from operating activities

Profit/(loss) before provision and tax 33,279,753 161,204,720
Changes in:
Dividend receivable (18,608,700) (21,637,500)
Application for IPO 21,637,500 (4,550,000)
Liabilities for expenses 247,201 950,523
Cash generated from operating activities 36,555,754 135,967,743
Income tax paid (11,387,516) (7,134,413)
Net cash from/ (used in) operating activities 25,168,238 128,833,331
B) Cash flows from investing activities

Purchase of securities (393,349,685) (449,258,927)
Sale of securities 15,506,837 289,143,883
Net cash from investing activities (377,842,849) (160,115,044)
C) Cash flows from financing activities

Proceeds from issued share capital - 400,000,000
Net cash from/(used in) financing activities - 400,000,000
Net Increase/(Decrease) in Cash & Cash Equivalents(A+B+C) (352,674,611) 368,718,286

Opening cash and cash equivalents 368,718,286 -
Closing cash and cash equivalents 16,043,676 368,718,286

1 Status of the Reporting Entity

1.1 Corporate history
IFIC Investments Ltd. (IFICIL/the Company), is a fully owned subsidiary of IFIC Bank PLC., was incorporated in Bangladesh
under the Companies Act, 1994 with the Registrar of Joint Stock Companies and Firms (RJSCF) on 30 November 2020
vide registration no. C-166233/2020 as a public limited company and got registration certificate of full fledge merchant
Banking operation, portfolio management, underwriting from Bangladesh Securities and Exchange Commission (BSEC) on
19 October 2021. Registered office of the company is located at IFIC Tower, 61 Purana Paltan, Dhaka-1000.
1.2 Nature of business
The principal activities of the Company are to carry on the business of Merchant Banking and to act as Issue Managers
in order to issue and offers, whether by way of public offer or otherwise of shares, stock debentures, bonds, units, notes,
bills warrants or any other instruments to carry on the business of securities management and brokerage, underwriting,
portfolio management, asset management, corporate advisory and other services as mentioned in the Memorandum of
Association and according to approval of Bangladesh Securities & Exchange Commission [BSEC].
2 Basis of Preparation of Significant Accounting Polices

2.1 Statement of Compliance
The financial statements have been prepared and the disclosures of information have been made in accordance with
the companies Act, 1994. the Securities and Exchange Rules, 2020, Merchant Banker and Portfolio Manager Rules,
1996,International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and other applicable laws
and regulations.
2.2 Basis of Measurement
The financial statements, except statement of cash flow, have been prepared on the accrual basis of accounting under the
historical cost convention.
2.3 Functional and Presentational Currency
These financial statements are prepared and presented in Bangladeshi Taka (BDT) which is the functional currency of
the company. All the financial information presented has been rounded off to the nearest BDT except where indicated
otherwise.
2.4 Components of Financial Statement
According to the International Accounting Standard (IAS) 1, “Presentation of Financial Statements” the complete set of
financial statements include the following components:
i) Statement of Financial Position;
ii) Statement of Profit or Loss and Other Comprehensive Income;
iii) Statement of Changes in Equity;
iv) Statement of Cash Flows;
v) Notes to the Financial Statements.
2.5 Use of Estimates and Judgments
Preparation of financial statements requires management to make judgments, estimates and assumptions that affect the
reported amount of assets and liabilities, income and expenses. These financial statements contained information about
the assumptions it made about the future and other major sources of uncertain estimation at the end of the reporting
period that have a significant risk of resulting in a material adjustment to the carrying amount of assets, liabilities, income
and expenses within the next financial year.
2.6 Reporting Period
The financial statements of the Company cover from 01 January 2022 to 31 December 2022.
2.7 Date of authorization
The Board of Directors has authorized these financial statements for public issue on 30 March 2023.
3 Significant Accounting Policies

3.1 Investment in securities
Investment in securities are bought and held primarily for the purpose of selling them in future or held for dividend
incomes which are reported at fair value. Unrealized gains are not recognized in the profit and loss statement. But
provision was made for diminution in value of investment as per BSEC guideline.
3.2 Cash and Cash equivalents
Cash and cash equivalents include cash in hand, cash at bank and fixed deposits which are held and are available for use
by the Company without any restriction. There is insignificant risk of change in the value of the above items.

3.3 Provision, contingent asset and contingent liabilities
As per IAS-37 “Provisions, Contingent Liabilities and Contingent Assets” provisions is recognized when it has a present
obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Any
possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or
nonoccurrence of one or more uncertain future events not wholly within the control of the Company; or any present
obligation that arises from past events but is not recognised because:
* it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
* the amount of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognised but disclosed in the financial statements unless the possibility of an outflow of
resources embodying economic benefits is reliably estimated.
Contingent assets are not recognised in the financial statements as this may result in the recognition of income which may
never be realised.
3.4 Provision for income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the statement of profit or loss
and other comprehensive income in accordance with IAS 12: Income Taxes. Provision for income tax is made on the basis of
Company’s computation based on the best estimate of taxable profit in accordance with Income Tax Ordinance, 1984.
3.5 Revenue recognition
Revenue is recognized only when it is probable that the economic benefits associated with the transaction will flow to the
Company and in accordance with the International Financial Reporting Standard (IFRS)-15: “Revenue from Contracts with
Customers”.
3.6 Dividend income
Dividend income is recognized when right to receive or payment is established.
3.7 Gain/(loss) on sale of marketable securities
Profit or loss arising from the sale of securities is accounted for only when shares are sold in the market and profit is
realized or loss is incurred.
3.8 Earnings Per Share (EPS)
The Company calculates earnings per share in accordance with International Accounting Standard (IAS) 33: “Earnings Per
Share” which has been shown in the face of the Statement of Profit or Loss and Other Comprehensive Income.
3.9 Events after the reporting period
No events were occurred after the reporting date that could affect the financial position of the company or required
disclosure.

Amount in BDT
Particulars 31 December 2022 31 December 2021
4 Investment in securities
Beximco Limited 211,110,612 149,960,302
Renata Limited 9,353,739 2,608,656
Square Pharmaceuticals Limited 143,790,127 7,546,086
Islami Commercial Insurance Limited 87,980 -
364,342,458 160,115,044
Beximco Green-Sukuk Al Istisna’a 173,615,435 -
537,957,893 160,115,044
Details are shown in “Annexure-A”
5 Application for IPO

Union Bank Limited - 21,000,000
BD Thai Food & Beverage Limited - 637,500
- 21,637,500

Amount in BDT
6 Cash & Cash Equivalents

Cash in hand 369 782
Cash at Bank
IFIC Bank PLC (Current A/c) 177,522 2,391,565
IFIC Bank PLC (Corporate Plus A/c) 15,846,562 366,019,140
16,024,083 368,410,705
Balance with BO account
IFIC Securities Ltd. 19,224 306,800
16,043,676 368,718,286
7 Share Capital
Authorised Capital:
1,000,000,000 Ordinary shares of BDT 10 each 10,000,000,000 10,000,000,000
Issued, Subscribed & Paid-up Capital:

40,000,000 Ordinary shares of BDT 10 each fully paid up in cash. 400,000,000 400,000,000
400,000,000 400,000,000
Shareholder No of Shares Amount % of holdings

IFIC Bank PLC 39,999,400 399,994,000 99.9982
Mr. Syed Mansur Mustafa 100 1,000 0.0003
Mr. Md. Monitur Rahman 100 1,000 0.0003
Mr. Dilip Kumar Mandal 100 1,000 0.0003
Mr. Md. Mokammel Hoque 100 1,000 0.0003
Mr. Hossain Shah Ali 100 1,000 0.0003
Mr. Md. Toufiq-E-Elahi Choudhury 100 1,000 0.0003
40,000,000 400,000,000 100.00
8 Retained Earnings
Balance at the beginning of the year 143,617,486 -
158,277,022 143,617,486
9 Liabilities for Expenses

Withholding tax 20,224 23,065
Withholding VAT - 13,250
Accrued expenses 1,177,500 914,208
1,197,724 950,523
10 Provision for Diminution in Value of Investments

Provision held at the beginning of the year - -
Provision made/(release) during the year 13,493,049 -
13,493,049 -
11 Provision for Income Tax

Provision held at the beginning of the year 17,587,234 -
Provision made during the year 5,127,168 17,587,234
22,714,402 17,587,234

Amount in BDT
12 Salary & Allowances

Basic Salary 2,456,336 1,696,067
House Rent 816,631 582,219
Medical Allowance 242,550 169,609
Conveyance Allowance 48,973 33,284
Entertainment allowance 114,000 94,387
Bonus 456,464 241,463
Incentive Bonus 1,120,000 850,000
Car Maintenance 521,549 372,000
Other allowance 489,336 455,310
Leave Fare Assistance 144,000 144,000
6,409,839 4,638,339
13 Other Expenses
Entertainment 42,488 42,994
Preliminary expense - 9,238,473
Rates & taxes 24,483 1,254,760
Bank charge 65,795 81,765
Director’s remuneration 299,200 484,000
AGM Expense 140,000 -
Local conveyance 23,930 7,080
Telephone 3,115 -
Donation & Subscription 102,500 300,000
Training Expense 2,555 -
Printing & stationery 5,050 600
IPO bidding expense 11,000 6,000
Miscellaneous Expense 108,000 167,200
828,116 11,712,247

Annexure-A
Details of Investment in Securities

Back to Content
Amount in BDT
Name of the Company Face value No. of share Cost/share Cost price Market price/share Market value Gain/(loss)
Beximco Limited 10 1,800,000 117.28 211,110,612 115.60 208,080,000 (3,030,612)
Renata Limited 10 7,543 1,240.06 9,353,739 1,217.90 9,186,620 (167,119)
Square Pharmaceuticals Limited 10 635,000 226.44 143,790,127 209.80 133,223,000 (10,567,127)
Islami Commercial Insurance Limited 10 8,798 10.00 87,980 28.10 247,224 159,244
Sub-total 2,451,341 364,342,458 350,736,844 (13,605,615)
Beximco Green-Sukuk Al Istisna’a 100 1,952,000 88.94 173,615,435 89.00 173,728,000 112,565
Grand total 4,403,341 537,957,893 524,464,844 (13,493,049)
Annual Report 2022

273
IFIC Money Transfer (UK) Limited
Report of the Directors
for the Year Ended 31 December 2022
The directors present their report with the financial statements of the company for the year ended 31 December 2022.
Directors
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.
Mr A R M Nazmus Sakib
Mr Mohammad Shah Alam Sarwar
Ms Quamrun Naher Ahmed
Ms Rabeya Jamali
Mr Md Zafar Iqbal
Mr Md Monwar Hussain
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected
to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that
period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to Disclosure of Information to Auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of
which the company’s auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director
in order to make himself or herself aware of any relevant audit information and to establish that the company’s auditors are aware
of that information.
Auditors
The auditors, Ahmed & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the Board:
Mr A R M Nazmus Sakib - Chairman

28 March 2023

Report of the Independent Auditors to the Members of
Opinion
We have audited the financial statements of IFIC MONEY TRANSFER (UK) LIMITED (the ‘company’) for the year ended 31
December 2022 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary
of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in
the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the company’s affairs as at 31 December 2022 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our
report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.
Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the
Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we
are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have
not identified material misstatements in the Report of the Directors.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our
opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Report of
the Directors.
Responsibilities of directors
As explained more fully in the Statement of Directors’ Responsibilities set out on page two, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- As part of audit planning, we gain an understanding of the laws and regulations that apply to the company and how management
seek to comply with them. This helps us to make appropriate risk assessments.
- During the audit, we focus on relevant risk areas and review compliance with laws and regulations through making relevant
enquiries and corroboration by reviewing board minutes and other relevant documentation.
- We assess the risk of material misstatement in the financial statements, including as a result of fraud, and undertake procedures
including:
i. review of controls set by management
ii. enquiry of management as to whether any fraud or other irregularities may have occurred, or where such opportunity might
exist
iii. critical examination of management assumptions with regard to accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a
material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance
with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to
become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state
to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for
the opinions we have formed.
Ahmed & Co
284 Station Road
Harrow
Middlesex
HA1 2EA
28 March 2023

Annexure-N

Income Statement
2022 2021
Particulars Note
GBP BDT GBP BDT
Turnover 428,339 49,278,428 273,982 32,054,416

Administrative expenses 383,198 44,085,164 301,901 35,320,789
45,141 5,193,264 (27,919) (3,266,372)
Other operating income 5,500 632,750 13,150 1,538,479
Operating Loss and Loss Before Taxation 50,641 5,826,014 (14,769) (1,727,893)
Tax on (loss)/profit - - - -
Profit/(loss) for the financial year 50,641 5,826,014 (14,769) (1,727,893)

Balance Sheet

Particulars Note
GBP BDT GBP BDT
Fixed Assets
Intangible assets 5 - - 1,500 173,591
Tangible assets 6 195 24,202 1,642 190,024
195 24,202 3,142 363,614
Current Assets
Debtors 7 16,056 1,992,731 16,056 1,858,113
Cash at bank and in hand 322,656 40,045,256 384,142 44,455,616
338,712 42,037,987 400,198 46,313,729
Creditors
Amounts falling due within one year 8 157,348 19,528,665 272,422 31,526,591
Net Current Assets 181,364 22,509,322 127,776 14,787,138
Total Assets Less Current Liabilities 181,559 22,533,524 130,918 15,150,752
Capital and Reserves

Called up share capital 300,000 37,233,390 300,000 34,718,111
Translation reserve - 312,505 - 1,271,025
Retained earnings (118,441) (15,012,371) (169,082) (20,838,384)
Shareholders’ Funds 181,559 22,533,524 130,918 15,150,752
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small
companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed
on its behalf by:
Chairman

1 Statutory Information
IFIC MONEY TRANSFER (UK) LIMITED is a private company, limited by shares, registered in England and Wales. The
company’s registered number and registered office address can be found on the Company Information page.
2 Accounting Policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial
Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and
the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any
accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over its estimated useful life of nil years.
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost and 15% on cost
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent
that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those
in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.
Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme
are charged to profit or loss in the period to which they relate.
3 Employees and Directors

The average monthly number of employees during the year was 4 (2021- 4).
4 Operating Profit
The operating profit is stated after charging:
2022 2021
Particulars
GBP BDT GBP BDT
Depreciation - owned assets 1,447 166,471 7,695 900,273
Computer software amortisation 1,500 172,568 3,000 350,984

5 Intangible Fixed Assets
Computer software
Particulars
GBP BDT
Cost
At 1 January 2022 15,000 1,861,670
Additions - -
At 31 December 2022 15,000 1,861,670
Amortisation
At 1 January 2022 13,500 1,675,503
Charge for year 1,500 186,167
At 31 December 2022 15,000 1,861,670
Net Book Value

At 31 December 2022 - -
At 31 December 2021 1,500 173,591
6 Tangible Fixed Assets

Land and buildings Plant and machinery Total
GBP BDT GBP BDT GBP BDT
Cost
At 1 January 2022 75,006 8,587,752 64,863 7,427,157 139,869 16,014,909
Additions - - - - -
At 31 December 2022 75,006 8,587,752 64,863 7,427,157 139,869 16,014,909
Depreciation
At 1 January 2022 73,753 8,516,419 64,474 7,383,774 138,227 15,900,193
Charge for year 1,253 71,333 194 24,078 1,447 95,411
At 31 December 2022 75,006 8,587,752 64,668 7,407,852 139,674 15,995,604
Net Book Value

At 31 December 2022 - - 195 19,305 195 19,305
At 31 December 2021 1,253 71,333 389 45,018 1,642 179,233
2022 2021
Particulars
GBP BDT GBP BDT
7 Debtors: Amounts Falling Due Within One Year

Other debtors 16,056 1,992,731 16,056 1,858,113
8 Creditors: Amounts Falling Due Within One Year

Trade creditors 115,841 14,377,177 240,666 27,851,563
Taxation and social security 1,980 245,740 4,571 528,988
Other creditors 39,527 4,905,747 27,185 3,146,040
157,348 19,528,665 272,422 31,526,591

2022 2021
Particulars
GBP BDT GBP BDT
Commission receivable 428,339 49,278,428 273,982 32,054,416

Government grants - - 11,317 1,324,028
Rents received 5500 632,750 1,833 214,451
Establishment costs
Rent 23,792 2,737,160 23,000 2,690,876
Rates and water 14,705 1,691,742 421 49,255
Insurance 1,241 142,771 1,187 138,873
Light and heat 6,337 729,043 1,944 227,438
46,075 5,300,716 26,552 3,106,441
387,764 44,610,461 260,580 30,486,455
Administrative expenses
Wages 110,333 12,693,303 89,640 10,487,397
Social security 6,762 777,937 3,520 411,821
Telephone 1,449 166,701 1,612 188,595
Printing, postage & stationery 1,019 117,231 772 90,320
Motor and travelling 2,637 303,375 3,245 379,647
Subscription 297 34,168 149 17,432
IT costs 8,752 1,006,877 10,856 1,270,093
Repairs and renewals 3,036 349,278 1,919 224,513
Cleaning 1,257 144,612 1,313 153,614
Sundry expenses 1,822 209,613 1,029 120,387
Legal fees 500 57,523 - -
Compliance costs 19,599 2,254,775 7,556 884,011
Other professional fees 1,128 129,771 383 44,809
Auditors’ remuneration - - 3,000 350,984
Auditors’ remuneration for non audit work 18,720 2,153,650 6,480 758,125
177,311 20,398,813 131,474 15,381,749
210,453 24,211,648 129,106 15,104,706
Selling and marketing costs
Advertising 150 17,257 760 88,916
150 17,257 760 88,916
210,303 24,194,391 128,346 15,015,790
Finance costs
Bank charges 152,206 17,510,599 132,150 15,460,837
Credit card 4,508 518,625 269 31,472
156,714 18,029,224 132,419 15,492,309
53,589 6,165,167 (4,073) (476,519)
Depreciation
Computer software - - 3,000 350,984
Short leasehold 1,253 144,152 7,501 877,577
Computer equipment 1,695 195,002 195 22,814
2,948 339,154 10,696 1,251,374
Net (Loss)/Profit 50,641 5,826,014 (14,769) (1,727,893)
This page does not form part of the statutory financial statements

Important Events

IFIC Bank CDA Avenue
Branch is now at the new
address
IFIC Bank holds training

on the prevention of fake
notes
IFIC Bank inks a MoU

IFIC Bank pays homage
to Bangabandhu at
Tungipara
IFIC Bank pays homage to Bangabandhu throughout month long activities

IFIC Bank launched special banking services for freelancers ‘IFIC Freelancer Service Package’
IFIC Bank PLC Organized an Awareness Program for Senior Management on

“Prevention of Money Laundering & Combating Financing of Terrorism”
IFIC Bank organized a Training

program on Prevention of Money
Laundering and Combating
Financing of Terrorism at Bagerhat

IFIC Bank organized Annual Recovery Meet-2022
IFIC Bank conducted a

workshop on the prevention
of Cancer
IFIC Bank Celebrates International Women’s Day
IFIC Bank Held Children’s Art Festival 2022

IFIC Bank distributed loans to
2500 CMSME entrepreneurs
in a day
IFIC Bank Inaugurated ‘IFIC Gonomanusher Banking (Banking Services for Mass People)’ Service Pack
Shah A Sarwar, MD & CEO

of IFIC on behalf of the Bank
receiving the award for the
highest VAT Payer award in
service sector for the fiscal
year 2020-21.
IFIC Bank opens Sandwip

and Patuakhali Branch

Branch and
Uposhakha Network

Branch Network of IFIC Bank PLC
Dhaka Division Branch list

Sl. Name of Branch Address
Babul Tower, Bridge Road, Kadamtali, Union Parishad- Aganagar, P.O- Keraniganj, P.S.-
1 Aganagar Branch
South Keraniganj, Dist. – Dhaka
Rezia Complex, Araihazar General Hospital Road, Pourasava & PS: Araihazar, District:
2 Araihazar Branch
Narayanganj
Arshinagar, Village – Modher Char, Union – Shakta Union Parishad,
3 Arshinagar Branch
P.O. – Shamla, P.S. – Keraniganj, Dist. – Dhaka
Rifat Square Plaza, Village – Jamgora, Union – Yarpur, P.O.- Gazir Chat, P.S. – Ashulia,
4 Ashulia Branch
Upazila – Savar, Dist. – Dhaka
5 Bajitpur Branch Holding No- 215, Bajitpur Bazar, P.O & P.S: Bajitpur, Dist.: Kishoreganj
6 Banani Branch Glowing Stone, Plat No. 54, Road No. 11, Block-C, Banani, P.S.- Gulshan, Dist.- Dhaka
7 Banasree Branch Holding No. 36, Road No. 2, Block-C, P.S.- Rampura, Dist. – Dhaka
8 Bandar Branch Haji Motaleb Plaza, Holding No. 3, S.S. Shah Road, P.S. – Bandar, Dist. – Narayanganj
9 Bangshal Branch Holding No.29/1, Nazira Bazar Lane (North South Road), P.S.- Kotwali, Dist.- Dhaka
10 Bashundhara Branch Plot No. 160, Block- F, Road No. 8, P.S.- Bhatara, Bashundhara R/A, Dist.: Dhaka
Mannan Plaza, Bhawal Mirzapur, Union : Mirzapur, P.O. : Mirzapur Bazar, Upazila :
11 Bhawal Mirzapur Branch
Gazipur Sadar, Dist. : Gazipur
Maa Fatema Tower, Village: Bhuigar, Union: Kutubpur, P.O. – Bhuigar Bazar,
12 Bhuigar Branch
P.S. – Fatullah, Dist. - Narayanganj
Jalal Shopping Complex, Holding No-1215/1, Kalmeshwar, Board Bazar, P.S- Gacha,
13 Board Bazar Branch
Dist.- Gazipur
Subarna Ibrahim General Hospital, Village – Bhataria (Chandra), P.S. Kaliakoir, P.O. –
14 Chandra SME/Krishi Branch
Boroipara, Union Parisad – Atabahar, Dist. – Gazipur
15 Cherag Ali Branch Boksh Tower, Holding No.- 16, Cherag Ali, Nishat Nagar, Tongi, Dist.- Gazipur
N. M. Bhuiyan Tower, Gobindapur Bazar Road, Dania, Police Station: Jatrabari, District:
16 Dania Branch
Dhaka
Holding No- 17, Darus Salam Road (North-West, Darus Salam Road, ) (Plot No.17),
17 Darus Salam Road Branch
Rehabilitation Zone No.1, P.S. – Mirpur, Mirpur-1, Dhaka-1216
18 Dhamrai SME/Krishi Branch “Haji Monir Plaza”, Dhamrai Bazar, P.S. & Pouroshova - Dhamrai, Dist – Dhaka
“Dewan Shopping Complex”, Dhanbari Bazar, Dhanbari Pourashava, P.S. : Dhanbari,
19 Dhanbari Branch
Dist : Tangail.
“Royal Plaza”, Holding No.8/A, Plot No.- 24(old), 8(new), Road No. 4, Dhanmondi, Dist:
20 Dhanmondi Branch
Dhaka
21 Elephant Road Branch Rejent Plaza.Holding No- 73/1, Elephant Road, P.S. - Dhanmondi, Dist. - Dhaka
22 Faridpur Branch Razzaque Plaza, Holding No. 118, Thana Road, P.S.- Kotwali, Dist. – Faridpur
FBCCI Building, Holding No- 60, Motijheel Commercial Area, P.S. Motijheel, Dist.-
23 Federation Branch
Dhaka
24 Gabtoli Bagbari Branch Holding No- 259, Bagbari, Mirpur (Gabtoli), P.S. – Darus Salam, Dist. – Dhaka
Garib-E-Newaz Avenue Plaza-33, Holding No# 33, Garibe Newaz Avenue, Sector-13,
25
Branch P.S- Uttara (West), Dhaka
“Bagdad Tanzia Tower” Holding No. 01/1, Block-B, Outpara, Gazipur Chowrasta,
26 Gazipur Chowrasta Branch
Gazipur Sadar, Dist.- Gazipur
Plot No. 394/2258, Ghorasal Bazar, P. S. – Palash, Pouroshova – Ghorasal, Dist. -
27 Ghorasal Branch
Narsingdi

Podder Market, Holding No. 320/1, Goalanda Bazar, P.S. & Upazila – Goalanda, Dist.
28 Goalanda Branch
– Rajbari
29 Gulshan Branch Holding No.- 109, Gulshan Avenue, P.S.-Gulshan, Dist.: Dhaka
Gulshan-Tejgaon Link Road
30 Impetus Center, Holding No.-242/B, Gulshan-Tejgaon Link Road, Tejgaon, Dist.- Dhaka
Branch
31 Hasnabad Branch Hasnabad Bazar, Union Parishad- Amirganj, P.S. - Raipura, Dist. – Narsingdi
Isapura Bazar, Union – 1 No. Rupganj Union Parishad, P.O. – Pashi Bazar, P.S. –
32 Isapura Bazar Branch
Rupganj Dist. – Narayanganj
33 Islampur Branch Paradise Bhaban, Holding No.- 104, Islampur Road, Kotwali, Dist.- Dhaka
34 Kapashia Branch Sarkar Plaza, Village & P.O. - Pabur, Upazila: Kapasia, Dist: Gazipur
Holding No.- 586, Karatia Bazar, 4 No. Karatia Union, P.O. : Karatia, P.S & Upazila:
35 Karatia Branch
Tangail Sadar, Dist : Tangail
36 Kashiani Branch Haq Complex, (1st floor), Vill: Kashiani, Thana: Kashiani, District: Gopalganj
37 Kawran Bazar Branch Holding No.- 3, Kawran Bazar C/A,P.O-Tejgaon Dist.: Dhaka
Bikrampur Plaza, Shahid Delwar Hossain Road, P.O. & Union Parishad – Purba
38 Keraniganj Branch
Aganagar, P.S. & Upazilla – Keraniganj, Dist. - Dhaka
Holding No. 290/7/A, P.S.- Khilgaon, Dhaka South City Corporation, Khilgaon, Dist.-
39 Khilgaon Branch
Dhaka
M. M. Plaza (First floor), Holding no: 98, Isha Khan Road, P.O.: Kishoreganj, P.S.:
40 Kishoreganj Branch
Kishoreganj Sadar, Dist: Kishoreganj
41 Konabari Branch Konabari Plaza, Konabari, P.O. – Nilnagar/Neelnagar, Gazipur Sadar, Dist. – Gazipur
42 Konapara Branch F.R Tower, Holding No. 23, Konapara, P.S. – Demra, Dist. – Dhaka
Holding No: 36, Village/Road: Road No. 16 (New) 27 (Old), P.S. Dhanmondi, District-
43 Lalmatia Branch
Dhaka
Islam Chamber (Old) 125/A, Motijheel C/A, (New) 4, Bir Uttam Shahid Ashfaqus Samad
44 Local Office Branch
Sarak, P.S.- Motijheel, Dist.- Dhaka
45 Madhabdi Branch Mitali Building, Holding No- 35, Madhabdi Bazar, Dist.- Narsingdi
46 Malibagh Branch Holding No- 1, Malibagh Chowdhurypara, DIT Road, Ramna, Dhaka
Rudranill Plaza, Holding No- 134, Shahid Rafique Sarak, P.S. – Manikganj, Dist. –
47 Manikganj Branch
Manikganj
Kitab Ali Plaza, Mawna Chowrasta, 4 No. Telihati Union Parishad, Village – Mulaid, P.O.
48 Mawna Branch
– Tengra, Upazila – Sreepur, Dist. – Gazipur
Afsar Plaza, Meghola Bazar, P.O. Meghola, Union Parishad – Narisha, P.S. - Dohar,
49 Meghola Branch
Dist.- Dhaka
Azaz Tower, Holding No- 145, Begum Rokeya Sarani, Senpara Parbata, P.S. – Mirpur,
50 Mirpur Branch
Dist.– Dhaka
Green Delta Aims Tower, Holding No. 51-52, A.K. Khandaker Sarak, P.S.- Banani,
51 Mohakhali Branch
Dist.- Dhaka
Ring Tower, Mohammadpur Housing Estate, Block-F, Plot No.16/B, Probal Housing,
52 Mohammadpur Branch
Ring Road, P.S. - Adabor, Dist. Dhaka
Haji Jane Alam Market, Holding No- 6/1, Mokim Katra Road,
53 Moulvi Bazar Branch
Lalbagh, Dist.- Dhaka
54 Muktarpur Branch Muktarpur , Union - Panchasar, P.S. - Munshiganj, Dist. - Munshiganj

55 Narayanganj Branch Jahan Super Market, Holding No-66/1, Bangabandhu Road, Dist.-Narayanganj
56 Narsingdi Branch Nayantara Plaza, Holding No-137/1, C&B Road, P.S./Upazila & District- Narsingdi
Nawabganj Adhunik Banijjik Biponi, Union Parisad – Kolakopa, PS & Upa-Zilla:

57 Nawabganj Branch
Nawabganj, Dist. – Dhaka
58 Nawabpur Road Branch Barek Plaza, Holding No- 63, Nawabpur Road, P.S. – Sutrapur, Dist.- Dhaka
59 Naya Paltan Branch Holding No- 40/1-D, Inner Circular (VIP) Road, Dist.: Dhaka
60 Netaiganj Branch Holding No- 28, R.K. Das Road, Netaiganj, Dist.- Narayanganj
61 Nikunja Branch DSE Tower, Plot # 46, Road # 21, Nikunja-2, P.S.- Khilkhet, Dhaka 1229.
North Brooke Hall Road Shamsur Rahman Plaza, Holding No: 58-60, North Brook Hall Road, Banglabazar,
62
Branch Sutrapur, Dist.: Dhaka
63 Pallabi Branch Kashem Chamber, Plot # 11, Main Road # 3, Section # 7, Pallabi, Mirpur, Dist.: Dhaka
Gafur Super Complex, Panchaboti Moor, Village- Hariharpara, PO & Union Parisad -
64 Panchaboti Branch
Enayetnagar, Police Station- Fatulalh, Dist. – Narayanganj
Mozammel Haque Super Market, Panchdona Bazar, Union – Meherpara Union

65 Panchdona Branch
Parishad, P.S. – Narsingdi Sadar, Dist. – Narsingdi
BM Saha Complex, Girls School Road, Panchar Bazar, Union: Madbarer Char, Police
66 Panchar Branch
Station: Shibchar, District: Madaripur
67 Principal Branch IFIC TOWER, Holding No- 61, Purana Paltan, Dist.- Dhaka
AJ Height’s Building, Holding No: Cha-72/1/D, Pragati Sarani, Uttar Badda, P.S. –
68 Pragati Sarani Branch
Badda, Dist.: Dhaka
69 Rupganj Branch Manik Villa, Village- Tarabo, P.O.- Tarabo Bazar, P.S.- Rupganj, Dist.- Narayanganj
70 Savar Bazar Branch Holding No. D-74, Ward No.4, Savar Bazar, Savar, Dist.- Dhaka
Jahanara Aziz Tower, Vill : Shafipur, 4 No. Mouchak Union, P.O. Shafipur, P.S. -
71 Shafipur Branch
Kaliakoir, Dist- Gazipur
RB Tower, Shahjalal Avenue, Holding no- 22, Sector- 04, Uttara Model Town, P.S.-
72 Shahjalal Avenue Branch
Uttara (north), Dist.- Dhaka
73 Shantinagar Branch Ahmed Mansion, Holding No.24, Shantinagar (Chamelibag), P.S. – Paltan, Dist.: Dhaka
Rishpa Plaza, Holding No- 883/1, Palong Bazar Road, P.O: Shariatpur, P.S: Shariatpur
74 Shariatpur Branch
Sadar, Dis: Shariatpur
Hazi Nurun Nesa Plaza, Katherpul Chowrasta, Vill – Kutubail, Union Parisad- Fatulla,
75 Shibu Market Branch
P.O & P.S - Fatulla, Dist. - Narayanganj
76 Sonargaon Branch Mukter Mansion, Union- Mograpara, P. S.- Sonargaon, Dist.- Narayanganj.
77 Stock Exchange Branch Motijheel Commercial Area, Plot No.16, P.S.- Motijheel, Dist.-Dhaka
Sufi Janab Ali Road (Lasker Market), Takerhat, Union & P.O.- Khalia, P.S.- Rajoir, Dist.-
78 Takerhat Branch
Madaripur
Amin Market, Holding No- 7, S.M. Maleh Road, Tanbazar, P.S. – Narayanganj, District &
79 Tan Bazar Branch
Pouroshova – Narayanganj
80 Tangail Branch Laso Plaza, Holding No.59, 59/1, 59/2 & 59/3, Khalpar Road, Dist.- Tangail
81 Tongi SME/Krishi Branch Holding No- 29, Tongi Bazar Road, P.S.- Tongi, Dist. – Gazipur
82 Uttara Branch ABC Heritage, 02 & 04, Jasimuddin Avenue, Sector – 03, Urrata, Dist.- Dhaka
Taher Plaza (First floor), College Road, Vill: Tenguri, Union: Shimulia, P.O.: BKSP- 1349,
83 Zirani Bazar Branch
P.S.: Ashulia, Dist: Dhaka

Chattogram Division Branch list
1 Agrabad Branch Suraiya Mansion, Holding No- 30, Agrabad C/A, Dist.: Chattogram
2 Akhaura Branch Shahjadi Complex, Holding No.- 68, P.S. & Pouroshava-Akhaura, Dist.- Brahmanbaria
3 Alankar More Branch Alankar More, P.S. Pahartoli, Dist.- Chattogram
4 Anwara Branch Haque Tower, PAB Sarak, Chatori, Chowmuhani Bazar, Anwara, Chattogram
Sheria Sayed Tower, Holding No.336/1, Post office Road, Ashuganj Bazar, P.S. &
5 Ashuganj Branch
Upazilla - Ashuganj, Dist. – Brahmanbaria
Noor Shopping Complex, Holding No.564/802, M.A. Aziz Road, South Halishahar, P.S.
6 Bandartila Branch
CEPZ, Dist. – Chattogram
Model School Market (1st Floor), Holding No. 152, Road No.8, Hawla DC Road,
7 Boalkhali Branch
Pourashava & Thana: Boalkhali, District: Chattogram
8 Brahmanbaria Branch Municipal Holding No.- 475/476, Court Road, Dist – Brahmanbaria
Holding No.: 782/1025, GEC More, Road No.: 565/A CDA Avenue, East Nasirabad,
9 CDA Avenue Branch
Thana: Panchlaish, Dist.: Chattogram
System Chakaria Complex, Holding No. 1293/1, Arakan Road, Thana: Rasthar Matha,
10 Chakaria Branch
Post: Chiringa, Dist. Cox’s Bazar
11 Chandina Branch Aziz Plaza, Chandina Bazar, village – Nabiabad, P.O. & P.S. – Chandina, Dist. – Cumilla
Noor Shopping Complex, Village- Dehopara, P.O.- Chandraganj, P.S.- Lakshmipur,
12 Chandraganj Branch
Upazila- Lakshmipur Sadar, District- Lakshmipur
13 Chawk Bazar Branch Shahzada Market, Holding No- 68, College Road, Chawk Bazar, Dist.- Chottogram
Poura Super Market, Nurul Haque Sarak (D.B. Road), Choumuhani Pourashava,
14 Choumuhani Branch
P.S. Begumganj, Dist. – Noakhali
Brothers Plaza, Village: Uttar Trisha, P.O.- Companiganj Union: 15 No. West Nabipur,
15 Companiganj Branch
P.S.- Murad Nagar, Dist. Cumilla
16 Cox’s Bazar Branch Ali Arcade, Municipal Holding No.158, Main Road, P.S. – Cox’s Bazar, Dist. – Cox’s Bazar
17 Cumilla Branch Holding No- 190/193, Chatipatty, Rajgonj Crossing, Sadar Kotwali, Dist.- Cumilla
T.K. Market, Bibirhat, Thana Gate, Fatikchari Pourashava, P.S.- Fatikchari,
18 Fatikchari Branch
Dist.- Chattogram
19 Feni Branch Sultan Orchid, Holding No- 99, Islampur Road, Dist.-Feni
Suruzzaman Tower, Gouripur Bazar, Upazilla – Daudkandi, Union Parishad &
20 Gouripur Bazar Branch
P.O. – Gouripur, P.S. – Daudkandi, District – Cumilla
21 Hathazari Branch Siddik Market, Bus Stand, Hathazari, P.S. Hathazari, District: Chittagong.
22 Kachua Branch Mesbahuddin Khan Sadan, Hospital Road, Palashpur, Kachua, Dist.- Chandpur
Three Star Market, Vill: Janar Keuchiya (Ukil Bari), Union: North Demsha, P.S. Satkania,
23 Keranihat Branch
Dist. Chattogram
24 Khatunganj Branch Holding No.249/250, Khatunganj Road, P.S. – Kotwali, Dist.- Chattogram
25 Khulshi Branch Rubiya Heights; 7/A/1, Road No.-03, South Khulshi, P.S.- Khulshi, Dist.- Chattogram
Roy Plaza (1st floor), Holding No. 1325-00, 1326-00 & 1327-00, Bank Road,
26 Laksham Branch
Pourashava Thana: Laksham, Dist. : Cumilla
Sattar Properties (Kunda Tower), Masjid Road, Laxmipur Pourashava, P.S.- Sadar,
27 Laxmipur Branch
Dist : Laxmipur.
Lokman Tower, Madam Bibir Hat, Bhatiary, Chattogram, P.S.– Sitakundu, District &
28 Madam Bibir Hat Branch
Pouroshova – Chattogram
Wahab Market, Vill – Jogomohonpur, Union – Ujirpur, P.O.- Miah Bazar,
29 Miah Bazar Branch
P.S.- Chowddagram, Dist.- Cumilla
Moynamoti Sena Kalyan Market, Cumilla Cantonment, 2 No. Uttar Durgapur Union,
30 Moynamoti Branch
P.O. – Cantonment, Cumilla Model Thana, Dist- Cumilla

Chattogram Division Branch list
Sheikh Market, Holding No. 5/1, Village – Moddah Burischar, Union – 15 No.
31 Noju Miah Hat Branch
Burischar, P.O.- Nur Ali Bari, P.S & U.Z- Hathazari, Dist.- Chattogram
Hazi Amzu Mia Tower, Holding No. 0584-00, Arakan Road, Patiya Government
32 Patiya Branch
College Gate, Patiya, Chattogram
Kotowali Bazar, Fund Plot No.-122 (Mutated Plot No.122/2) Rangamati Pourashava,
33 Rangamati Branch
P.S. Kotowali, Dist. Rangamati Hill Tract
Roman Market, Building no: 76/1. Vill: Haramia, Upazila : Sandwip, District:
34 Sandwip Branch
Chattogram
Sylhet Division Branch list

Point View Shopping Center, Holding No. 0841-00, Sunamganj Road, Amberkhana,
1 Amberkhana Branch
Dist.- Sylhet
2 Beani Bazar Branch Zaman Square, Main Road, Beani Bazar, P.S. – Beani Bazar, Dist.-Sylhet
Hajee Nasibullah Market, Vill. & P.O.- Goala Bazar, P.S.- Osmaninagar, Upazilla –
3 Goala Bazar Branch
Balaganj, Dist. – Sylhet
4 Habiganj Branch Sankar City, Holding No.- 3430, R.K. Mission Road, P.O. – Habiganj, Dist.- Habiganj
Kiran Square, Kaminiganj Bazar, 5 No. Jayfarnagar Union Parishad, P.O. & Upazila –
5 Juri Branch
Juri, Dist. – Moulvi Bazar
6 Madhabpur Branch City Center, Holding No. 113, Madhabpur Bazar, Madhabpur, Dist.- Habiganj
Shera Town Plaza, Municipality Holding No.69/1, M. Saifur Rahman Road, Paschim
7 Moulvi Bazar(Dist.) Branch
Bazar, Dist. - Moulvi Bazar
Holding No.0183 (New), 0177 (Old), Moulvi Bazar Road, Sreemongal, Dist.- Moulvi
8 Sreemongal Branch
Bazar
Hannan Shopping Center,
9 Subid Bazar Branch
Holding No.0956-00, Subid Bazar, Kotwali, Dist.- Sylhet
Surma Plaza (1st floor), Holding No.- 12 & 17, Major Iqbal Hossain Road, Puraton Bus
10 Sunamganj Branch
Stand, Pourashava: Sunamganj, Thana: Sunamganj Sadar, District: Sunamganj
11 Sylhet Branch Municipal Holding No. 963, Laldighirpar, Sylhet. P.O., P.S. & District – Sylhet
12 Uposhohor Branch Nosir Mansion, Mendibagh C/A, P.S.- Sylhet Sadar, Dist. Sylhet
Khulna Division Branch list

Holding No.- 56, Sadonar More, Kazi Nazrul Islam Road, P.S. - Bagerhat, District –
1 Bagerhat Branch
Bagerhat
Bandar Complex, Holding No. 369, C&F Association Lane, P.S. – Benapole Port
2 Benapole Branch
Thana, Upazilla – Sharsha, Dist. – Jashore
3 Boro Bazar Branch Khalil Mansion, Holding No- 42, 43 & 44 Vairab Stand Road, Dist.- Khulna
Araf Market (1st floor), Holding No: 14, Mujib Nagar Road, Puraton Bazar, Darshana
4 Darshana Branch
Pourasava, Thana: Darshana, Dist.: Chuadanga
Holding No. 17, (New 398) Netaji Subash Chandra (N.S.C.) Road, Kotwali, Dist.-
5 Jashore Branch
Jashore
6 Kaligonj SME/Krishi Branch Shahjahan Plaza, Holding No.49-01, P.S. – Kaligonj, Dist. – Jhenaidah
Fatema Garden, holding No. 35 New 37 Road- Sir Iqbal Road, P.S.-Khulna Sadar, Dist.-
7 Khulna Branch
Khulna

Khulna Division Branch list
Abdul Hamid Market, Holding No-1, Arua Para by Lane, N. S. Road, Kushtia Town,
8 Kushtia Branch
P.O., P.S. & Dist.- Kushtia
L.B Tower, Holding no.-300, Dhaka-Khulna Highway, Pourashava- Noapara, P.S.-
9 Noapara Branch
Abhoynagar, District- Jashore
10 Poradah Branch Khan Super Market, Vill – Khatada, P.O. Poradah, P.S. & Upazilla - Mirpur, Dist. Kushtia
Mojahar Ali Complex, Shahid Kazal Sarani, Kaligonj Sarak, Palashpole, P.O. & P.S. -
11 Satkhira Branch
Satkhira, Dist.- Satkhira
Kohinoor Tower, Holding No. A-12, KDA Majid Sarani, P.S. – Sonadanga, Dist. –
12 Sonadanga Branch
Khulna
Rajshahi Division Branch list

Baneshwar Islamia High School Market, Baneshwar Union Parishad P.S.- Puthia, Dist.
1 Baneshwar Branch
Rajshahi
Bhuiyan Plaza, Village & P.O. – Shernagar, Police Station – Belkuchi, Pouroshova –
2 Belkuchi Branch
Belkuchi, Dist. – Sirajganj
Madhu Metro Tower, Municipal Holding No.56/64, Satmatha, Kazi Nazrul Islam Sarak,
3 Bogura Branch
P.S. – Bogura Sadar, Dist.- Bogura
Morshed Manson, Holding no.: 4 & 4/1, Godagari Road, P.S.: Chapai Nawabganj
4 Chapai Nawabganj Branch
Sadar, District: Chapai Nawabganj
Joypurhat Sadar Road, Holding No. 138/0, 138/1, 138/2, P.S.- Joypurhat, Dist. –
5 Joypurhat Branch
Joypurhat
Hazi N. Zaman Shopping Complex, Horidebpur, P.O.-Kashinathpur, P.S.- Aminpur,
6 Kashinathpur Sme/Krishi Br.
Union Parishad- Jatshakini, Dist.- Pabna
7 Naogaon Branch Thakur Mansion, Holding No- 263, Main Road, P.S. – Kotwali, Dist.- Naogaon
Chamber Bhaban, Municipal Holding No.845/669, Benia Potty (Sona Patty), Pabna,
8 Pabna Branch
P.S. & Dist. – Pabna
Municipality Holding No.- 105 & 106, Present Holding No.-96, Shaheb Bazar,
9 Rajshahi Branch
Ghoramara, P.S. Boalia, Dist. Rajshahi
Jahurul Super Market (1st floor), Holding No. 536, New Dhaka Road, Police Station:
10 Sirajganj Branch
Sirajganj Sadar, District: Sirajganj
Mridha Plaza, Holding No.-1653, Main Road, Taherpur, P.S. - Bagmara, Dist. –
11 Taherpur Branch
Rajshahi
Barisal Division Branch list

Sl. Name of Branch City Corporation
Ali Archade, Hotel Ali International, 95, Municipal Holding No. 0071-000, Sadar Road,
1 Barishal Branch
Dist.- Barishal
Abdul Barek Howlader Market (1st Floor), Holding No- 151/2, Abdul Barek Howlader
2 Bhandaria Branch
Sarak, Pourashava & Thana: Bhandaria, Dist. Pirojpur
M.R.Plaza, Holding No. 0386-02, 0400-08, Sadar Road, Bhola, P.S.- Bhola Sadar,
3 Bhola Branch
Pouroshova – Bhola, Dist. – Bhola
Sayed Tower, Holding No. 57, Doctor Patty Road, Jhalakathi, Pouroshova, P.S.-
4 Jhalakathi Branch
Jhalakathi Sadar, Dist.- Jhalakathi
First Floor, Holding: 0065-00,0065-01, Puratun Stemar Ghat, Tinpotti, Natun Bazar,
5 Patuakhali Branch
P.S. Patuakhali Sadar, Dist: Patuakhali

Rangpur Division Branch list
1 Birol Bazar Branch Holding No. - 91-93, Birol Hospital Road, Birol Pourashava, P.S. – Birol, Dist.- Dinajpur
Municipal Holding Nos.- 534/506, Maldhapatty, P.S. – Sadar, Dinajpur, District –
2 Dinajpur Branch
Dinajpur
Ittefaq Tower, Holding No.- 0012-00, GL Roy Road, P.S.- Rangpur Sadar, Dist.-
3 Rangpur Branch
Rangpur.
Shetabgonj SME/Krishi
4 Holding No. 521, School Roadz, P.S. – Bochagonj, Shetabganj ,Dist.- Dinajpur
Branch
Mymensingh Division Branch list

1 Bakshiganj Branch Soudia House, Bakshiganj Uttar Bazar, Post Office: Bakshiganj-2140, Police Station:
Bakshiganj, District: Jamalpur
2 Jamalpur Branch Nahar Gold Plaza, Holding No. 1024, Medical Road, Pouroshova & P.S.- Jamalpur,
Dist.- Jamalpur
3 Mymensingh Branch Hamida Market, Holding No. 45, Chotobazar, P.S.- Kotwali, Dist.- Mymensingh
4 Netrokona Branch Holding: 564 (1st Floor), Barhatta Road (East), Pourashava: Netrokona Sadar, P.S.:
Netrokona, Dist: Netrokona
5 Seed Store Bazar Branch Mahesa Plaza, Seed Store Bazar, P.O.- Habirbari, P.S.- Bhaluka, Dist. – Mymensingh
6 Sherpur Branch Ameen Plaza, Holding No. 18, Kharampur Road, P.S. – Sherpur Sadar, Dist. - Sherpur

Uposhakha Network of IFIC Bank PLC
Dhaka Division
SI Uposhakha Name Reporting Branch Address
Abdullahpur Bus Stand, Union: Teghoria, Thana: South
1 Abdullahpur Aganagar
Keranigonj, Dhaka
Prottasha, Holding No: 8/A, Road No: 7/D Dhaka-Mymensingh
2 Abdullahpur Bus Stand Garib-E-Newaj Avenue
Highway, Sector-9, Thana- Uttara West, District- Dhaka
3 Abul Hasnat Road Bangshal 47/1, Abul Hasnat Road, Thana: Bangshal, District: Dhaka.
22/B, Comfort Housing, Road No.: 16, Thana: Adabor, District:
4 Adabor 16 Mohammadpur
Dhaka
Adabor-11 Holding No.: 545/A1, Road Name: Adabor, Road No.: 11, Thana:
5 Mohammadpur
Adabor, District: Dhaka.
S. S. Tower, Holding No: 36, Block-A, Aftabnagar Main Road,
6 Aftabnagar Banasree
Thana: Badda, District: Dhaka
7 Ajmeribag Tallah Tan Bazar Tallah, Union: Fatullah, District: Narayanganj
Sheikh Ratan Sardar Shopping Complex, Village/Area: Al
8 Al Amin Bazar Meghola Amin Bazar, Union: Vaghyakul, Upazilla: Sreenagar, District:
Munshigonj.
Jesmin-Hannan Mansion, Haspatal Road, Thana: Alfadanga,
9 Alfadanga Kashiani
District: Faridpur
Aliganj, Union: Kutubpur, Thana: Fatullah, District:
10 Aliganj Panchaboti
Narayanganj-1421.
Rafiq Complex, Village/Area: Alukanda, Union: Konda, Upazilla:
11 Alukanda Stand Bazar Keraniganj
Keraniganj, District: Dhaka
Hazi Nazmuddin Shopping Complex, Village/Area: Ambagan,
12 Ambagan Ashulia
Union: Pathalia, Upazilla: Savar, District: Dhaka
13 Amraid Bazar Kapasia Kajol Plaza, Village/ Area: Amraid, P.S: Kapasia, District: Gazipur
Hazi M. A. Gafur Square Shopping Mall, Demra Rampura Road,
14 Amulia Staff Quarter Rupganj
Demra, Dhaka
Seven Star Plaza, Holding No: C-1/14, Gazipur Tangail Highway
15 Ansar Academy Shafipur
Road, Thana: Kaliyakoir, District: Gazipur.
AS Super Market, Village/Area: Aricha Ghat, Thana: Shibaloy,
16 Aricha Ghat Manikganj
District: Manikganj.
Holding No: 2/2/A, K P Ghosh Street, Thana: Bangshal, District:
17 Armanitola Islampur
Dhaka
18 Asad Gate Lalmatia Hoding No-01, Mirpur Road, Ward No-32, Dhaka.
Sky Heights, Holding No: 848, Ashkona Main Road, Thana:
19 Ashkona Bazar Shahjalal Avenue
Dakshinkhan, District: Dhaka
Salma Market, Village/Area: Ashulia,Union: Ashulia, Upazilla:
20 Ashulia Bazar Ashulia
Savar, District: Dhaka.
Nokshikola City Center, Village: Ati Bazar, Union: Saktui, Thana:
21 Ati Bazar Arshinagar
Keraniganj Model Thana, District: Dhaka
22 Atosh Ali Bazar Hasnabad Birgaon (Kandapara), Union: Nilokkha, District- Narsingdi
Monir Plaza, Holding # 402, Shah Kabir Road, Thana:
23 Azampur Kancha Bazar Shahjalal Avenue
DakshinKhan, District: Dhaka
Salma Tower, House#30,30/1, Lolit Mohon Das Lane, BDR Gate-
24 Azimpur Elephant Road
01,Azimpur, Dhaka
Holding No: 16/14, Road Name: Babor Road, Thana:
25 Babor Road Mohammadpur
Mohammadpur District: Dhaka
Holding No.: 476, Road Name: Shah Suja Road, Thana:
26 Baburail Bazar Tan Bazar
Narayanganj Sadar, District: Narayanganj-1400

Dhaka Division
Holding No. 3/5, Ishwar Chandra Ghosh Road, P.S. Kotwali,
27 Badamtoli Islampur
Dhaka-1100
Johirul Islam Bhaban, Holding No: E-276, Kobirajbari Road,
28 Baimail Konabari
Thana: Konabari, District: Gazipur
Bismillah Ajmery Plaza, Village-Baipail, Union-Dhamsona, Thana-
29 Baipail Ashulia
Savar, Dist-Dhaka
Professor Market, Village: Baliakandi, Union: Baliakandi, Thana:
30 Baliakandi-Rajbari Faridpur
Baliakandi, District: Rajbari
Dewan Market, Village: Baligaon, Union: Baligaon, District:
31 Baligaon Muktarpur
Munshiganj.
AB Plaza, Village/Area: Bolla,Union: Bolla, Th: Kalihati, District:
32 Balla Karatia
Tangail.
M/S Mollah Market & Traders, Baluchar, Thana: Sirajdikhan,
33 Baluchar Bazar Aganagar
District: Munshiganj- 1443.
Basir Plaza, (1st floor), House No. 29, Bamuil Bazar Road, Demra,
34 Bamuil Konapara
Dhaka
Hotel Sweet Dream, Holding No: 60, Kemal Ataturk Avenue,
35 Banani Bazar Banani
Thana: Banani, District: Dhaka
Sikder Plaza, Holding No.: 79, Block- M, Airport Road, Thana:
36 Banani Chairmanbari Banani
Banani, District: Dhaka.
Mega Chayaneer, Holding No.: 45, Road No: 27, Thana: Banani,
37 Banani Graveyard Road Banani
District: Dhaka
38 Banarasi Palli Pallabi Holding No: 02, Lane-7, Thana: Pallabi, District: Dhaka
Banasree Tower, Holding No.: 57911, A Block Road, Road No.:
39 Banasree A Block Banasree
05, Thana: Rampura, District: Dhaka
Rekha Red Rose Rim, Holding No: 8 (F Block), Main Road, Thana:
40 Banasree F Block Banasree
Khilgaon, District: Dhaka.
Shahabuddin Shopping Complex, Bandura Bazar, Union: Bandura,
41 Bandura Nawabganj
Thana: Nawabganj, District: Dhaka-1320
Hussain Chambers, Holding No: 30, Bangabandhu Avenue,
42 Bangabandhu Avenue Naya Paltan
Thana: Paltan, District: Dhaka
Mosharaf Tower, Holding No: 979,Rajendrapur-Mirzapur Road,
43 Bangla Bazar Bhawal Mirzapur
Thana: Gazipur Sadar, District: Gazipur
Navana Zohura Square, Holding No- 28, Bangla Motor Main
44 Banglamotor Kawran Bazar
Road, PS- Shahbag, Dhaka
45 Baniajuri Bazar Manikganj Elias Hossian Plaza, Baniajuri, Thana: Ghior, District: Manikganj.
Mishal complex, Holding No.: 10/10, Bank Town Road, Road No.:
46 Bank Town Savar Bazar
02, Thana: Savar, District: Dhaka.
Aysha Samad Shoping Complex, Union- Dhuptara, Upazilla/
47 Banti Bazar Madhabdi
Thana- Araihazar, Dist.-Narayanganj
48 Barachaona Bazar Karatia Barachaona, Union: Kalia, District: Tangail
49 Baradi Bus Stop Sonargaon Master Vila, Village: Baradi, Thana: Sonargaon, Dist.: Narayanganj
Islam Super Market, Village: Baraikhali, Thana: Sreenagar, District:
50 Baraikhali Bazar Nawabganj
Munshiganj-1544.
Intraco Convention Center, Holding No: 40, Baridhara Avenue,
51 Baridhara J Block Bashundhara
Road No.: 09, Thana: Bhatara , District: Dhaka.
Baroicha, Mouza: Ujilabo, Union: Char Ujilabo, Thana: Belabo,
52 Baroicha Narsingdi
District: Narsingdi
A. H. Tower, Holding No: 1721, Baroipara Jalsuka Road, Upazilla:
53 Baroipara Chandra SME/Krishi
Ashulia, District: Dhaka.
Abul Hossain Complex, Holding No: 518, Basail-Sokhipur
54 Basail Karatia
Highway, Thana: Basail, District: Tangail-1920

Dhaka Division
House No-454/455 (Near Tempo Stand), Bashabo Madartek
55 Bashabo Khilgaon
main Road, Thana-Sabujbag, Dist.-Dhaka-1214
Ali Akbar Market, Bashair Bazar, Union: Bahadursadhi, Thana:
56 Bashair Bazar Ghorasal
Kaliganj, District: Gazipur
57 Baunia Bazar Uttara Razzak Market, Baunia Bazar Road, Thana: Turag, District: Dhaka
58 BCC Road Nawabpur Road Holding No: 03, BCC Road,Thana: Wari, District: Dhaka
Holding No:37, Becharam Dewri Road,Thana: Bangshal, District:
59 Becharam Dewri Moulvi Bazar (Dhaka)
Dhaka
Holding No.: 1371, Road Name: Beraid Bazar Road, Thana:
60 Beraid Bashundhara
Badda, District: Dhaka
Beximco Industrial Park, Holding No: 315, Beximco Road, Thana:
61 Beximco Industrial Park Zirani Bazar
Kashimpur Metro, District: Gazipur
Muktijoddha Islam Sarkar Bhaban, Village: Bhaber Char, Thana:
62 Bhaber Char Bazar Sonargaon
Gozaria, District: Munsiganj.
Afaz Uddin Business Complex, Holding No: 08, Bhadam Galaxy
63 Bhadam Bazar Cherag Ali
Road, Thana: Tongi, District: Gazipur
Holding No: 373 (Bhairab Bazar West), Tin Patti Road, Upozila/
64 Bhairab Bazar Ashuganj
Thana: Bhairab, District: Kishoreganj
Hossain Tower, Holding No.: 569, Bhanga Bazar Main Road,
65 Bhanga Bazar Takerhat
Thana: Bhanga, District: Faridpur.
Hazi Abdur Rashid Dhorji Super Market, Apollo Ring Road, Thana:
66 Bhatara Bashundhara
Bhatara, District: Dhaka.
Darog Ali Super Market, Holding No.: 239, Bazar Road, Thana:
67 Bhuapur Tangail
Bhuapur, District: Tangail
Nurjahan Complex, Golakandail Thana: Rupganj District:
68 Bhulta Araihazar
Narayanganj
Holding No: 205/1, Shaheed Syed Nazrul Islam Sarani, Thana:
69 Bijoynagar Naya Paltan
Shahbagh, District: Dhaka.
SV Shopping Center, Holding No: 306 & 307, Station Road,
70 Boalmari Faridpur
Thana: Boalmari, Dist: Faridpur
71 Bochila Arshinagar Holding No: 50/5, Basila Road, Mohammadpur, District: Dhaka
Hazi Motaleb Shopping Complex, Boktaboli Bazar, Union:
72 Boktaboli Bazar Panchaboti
Kanainagar, Thana: Fatullah, District: Narayanganj-1420.
Eman Ali Mini Super Market, Holding No: 567, Jame Masjid
73 Borabo Bus Stand Rupganj
Road, Pauroshova: Tarabo, Thana: Rupganj, District: Narayanganj
Shahid Johirul Islam Super Market, Holding No.: 1930/3, Dhaka
74 Boro Bari Board Bazar
Mymensingh Highway, Thana: Gacha, District: Gazipur
Boro Bazar- Hanif Bepari Super Market, Holding No.: 238, Dhanmohol Road,
75 Kishoreganj
Kishoreganj Thana: Kishoreganj Sadar, District: Kishoreganj
Holding No: 15/5 & 15/7, 60 Feet Road,Thana: Mirpur, District:
76 Borobagh Mirpur
Dhaka
Saud Market, Holding No: 63, Dhaka-Sylhet Highway,
77 Borpa Rupganj
Pauroshova: Tarabo, Thana: Rupganj, District: Narayanganj
Jahanara Villa, Holding No: 719, Zilla Sadar Road, Thana: Tangail,
78 Bottola Tangail
District: Tangail
Bouddho Mondir- Holding No: 37, Atish Dipankar Road, Road, Thana: Sabujbagh,
79 Khilgaon
Sabujbagh District: Dhaka.
Noor Plaza, Holding No: 46, Dhaka Dying Road, Thana: Tongi
80 BSCIC Fakir Market Tongi SME/Krishi
District: Dhaka (Gazipur)
Dewan Complex, Holding No: 304, BEXIMCO Road
81 Chakrabarti Bazar Chandra SME/Krishi
(Chakroborti), Upazilla: Kashimpur Metro, District: Gazipur.

Dhaka Division
MOMOTA SUPER MARKET, Holding No. 86/2, Block-H, Kaliakoir
82 Chandra Chandra SME/Krishi Pourshava, Chandra Palli Bidyut, Sattar Road, Thana: Kaliakoir,
District: Gazipur
Chhanpara, Union: Saatgram, Upazilla: Araihazarj, District:
83 Chanpara Bazar Madhabdi
Narayanganj
Neyamot Ullah Villa, Holding no: 44/1/J, Azimpur Road, Thana:
84 Chapra Mosjid-Azimpur Elephant Road
Lalbag, District: Dhaka
Master Plaza, Village: Char Hajiganj Bazar, Union: 4 No Gazirtek,
85 Char Hajiganj-Faridpur Faridpur
Thana: Char Vodrashan, District: Faridpur
Charbhadrasan Bazar Vai Vai Market, Charbhadrasan, Thana: Charbhadrasan, District:
86 Faridpur
Faridpur
Charigram Bazar, Union: Charigram, Thana: Singair, District:
87 Charigram Bazar Manikganj
Manikganj.
Laskar Market, Holding No: 174, Charmuguria Main Road, P.S.:
88 Charmuguria Takerhat
Madaripur, District: Madaripur.
Charsindur, Union: Charsindur, Thana: Palash, District:
89 Charsindur Bazar Ghorasal
Narshingdi.
Bhai Bhai Plaza, Charsubuddi Bazar, Union: Charsubuddi, Thana:
90 Charsubuddi Bazar Hasnabad
Raipur, District: Narsingdhi.
Kazi Mansion, Holding No.: 28 DIT, Bhasha Sainik Sarak, Road
91 Chashara Balur Math Tan Bazar
No.: 208/13,Thana: Narayanganj Sadar, District: Narayanganj.
Naz Mansion, Holding No.: C-11/3, Shahid Majnu Road, Thana:
92 Chayabithi Savar Bazar
Savar, District: Dhaka
Hazi Md. Ali Market, Holding No.: 28/2 Imamganj Bazar Lane,
93 Choto Katra Moulvi Bazar (Dhaka)
Choto Katra, Thana: Chawk Bazar, District: Dhaka
Sufia Mansion, Begunbari, Union: Suvadda, P/S: South
94 Chunkutia Aganagar
Talukder Tower, College Para Road, Thana: Tangail, District:
95 College Para Tangail
Tangail
Holding No: 06, Dakhingaon Main Road, Thana: Shabujbag,
96 Dakhingaon Bazar Khilgaon
District: Dhaka-1214
Dakshinkhan Bazar F.A. Shopping Complex, Holding No: 88, Shahid Latif Sarak,
97 Shahjalal Avenue
Thana: Dakshinkhan, District: Dhaka
S.S Plaza, Holding No: 236/01, High School Road, Thana:
98 Damudya Shariatpur
Damudya, District: Shariatpur
Hasi Complex, Holding No: 559, Sayed Mridha Road, Thana:
99 Dattapara Cherag Ali
Tongi West, District: Dhaka
Modina Mension, Village: Delpara, Union: Kutubpur, District:
100 Delpara Bazar Bhuigar
Narayanganj
Holding No.: 14/1, L.N.A Road, Thana: Narayanganj Sadar,
101 Deobhog Tan Bazar
District: Narayanganj
Holding No.: 185/3/A, Dewanpara Main Road, Thana: Vashantek,
102 Dewanpara Pallabi
District: Dhaka.
Holding No: 54, Hazi Dil Mohammad Avenue,
103 Dhaka Uddan Mohammadpur
Thana:Mohammadpur, District: Dhaka
104 Dhan Kheter More Darus Salam Road Holding No: 55/6/A, Shah Ali Bag, Thana: Mirpur, District: Dhaka.
Darjee Bari, Village/Area: West Dharmaganj, Union: Enayetnagar
105 Dharmaganj Panchaboti
Upazilla: Fatullah, District: Narayanganj
Al Noor Steel Market, Holding No.: 25, Goal Ghat Lane
106 Dholaikhal Nawabpur Road
Dholaikhal New Road, Thana: Wari, District: Dhaka.
Brothers Tower, Holding No.: 677, Dania Road, Thana: Kodomtoli,
107 Dholaipar Dania
District: Dhaka.

Dhaka Division
Faizullah Bhuiyan Market, Dhuptara Kalibari, Union: Dhuptara,
108 Dhuptara Kalibari Araihazar
Thana: Araihazar, District: Narayanganj
109 Dilu Road Kawran Bazar 29, Dilu Road, Moghbazar, Dhaka
Khan Villa, Holding No: 12, Distillery Road, Road No: 12, Thana:
110 Distillery Road Nawabpur Road
Gendaria, District: Dhaka
Dhitpur City Center, Dhitpur, Union: Muksudpur, Thana: Dohar,
111 Dobli Bazar Meghola
District: Dhaka
Abdul Mannan Bhuiyan Plaza, Holding No: 44 (40), Dogair Road,
112 Dogair Bazar Konapara
Thana: Demra, District: Dhaka
Khandaker Market, Holding No: 2548, 2549, Sreenagar-Dohar
113 Dohar Bazar-Dhaka Meghola Highway 820, Thana: Dohar, Upozila: Dohar-1330, District:
Dhaka
Master Market, Dolan Bazar, Kaligonj, Gazipur,Thana: Kaliganj,
114 Dolan Bazar Ghorasal
Union: Jamalpur, Dist: Gazipur
Vuiyan Manjil, Doleshwar, Union: Konda, Thana: South
115 Doleshwar Keraniganj
Amena Shopping Complex, Holding No.: 405, Dumni Bazar Road,
116 Dumni Isapura Bazar
Thana: Khilkhet, District: Dhaka.
Bacchu Mridha Villa, East Chorail, Mouza Name: Gokpara,
117 East Chorail Aganagar
Union: Kalindy, Thana: Keraniganj, District: Dhaka.
Holding No.: 769-770, Hazi Khorshed Ali Sarder Road, Thana:
118 East Jurain Dania
Kadamtoli, District: Dhaka.
Holding No.: 200, East Kafrul Road, Thana: Kafrul, District:
119 East Kafrul Mirpur
Dhaka.
Gulshan Tejgaon Link Amin Vila, Building No.: 261/A, East Nakhal Para, Thana: Tejgaon
120 East Nakhalpara
Road Shilpanchal, District: Dhaka.
Adept Moitry Complex, Holding No: 571, South Manikdi (ECB),
121 ECB Chattar Pallabi
Thana: Dhaka Cantonment, District: Dhaka.
Elenga Plaza, Holding No.: 1346, College Moor Road,
122 Elenga Tangail
Pourashava : Elenga, Thana: Kalihati , District: Tangail
123 Fatullah Bazar Panchaboti Fatullah, Union: Fatullah, Thana: Fatullah, District: Narayanganj
Mahmuda Bhaban, Holding No.: 428, Dr. Anisuzzaman Road, ,
124 Forazikanda Bandar
Thana: Bandar, District: Narayanganj
125 Fulbaria Bazar Garib-E-Newaj Avenue Fulbaria Bazar Road, Road No: 01Thana: Turag, District: Dhaka
Peace Tower, Village: Fulbaria, Union: Fulbaria, Thana: Kaliakoir,
126 Fulbaria Bazar-Kaliakoir Bhawal Mirzapur
District: Gazipur
Mamun Plaza, Fultola Bazar, Union: Muksudpur, Thana: Dohar,
127 Fultola Bazar Meghola
District: Dhaka.
Siddique Sir Super Complex Village/Area: Galimpur, Union:
128 Galimpur Nawabganj
Galimpur Upozila: Nawabganj District: Dhaka
129 Garo Bazar Dhanbari Garo Bazar, Union: Lakkhindar, Thana: Ghatail, District: Tangail
Ismail Mansion, Holding No:76, Gausul Azam Avenue,Sector:
130 Gawsul Azam Avenue Uttara
Uttara-13, District: Dhaka
Khan Villa, Holding No: 09, Tara Miah Road, Pourashava- Savar,
131 Genda Savar Bazar
Thana- Savar, District: Dhaka
Rahmatullah Monjil, Holding No: 18/1/Ka, Narinda New Road,
132 Gendaria Nawabpur Road
Thana: Gendaria, District: Dhaka
Bayzid Khan Plaza, Holding No.: 551, Ghatail Main Road,
133 Ghatail Tangail
Pourashava: Ghatail, Thana: Ghatail, District: Tangail
Zilla Parishad Commercial Complex, Ghior, Union: Ghior, Thana:
134 Ghior Bazar Manikganj
Ghior, District: Manikganj
135 Ghorishar Shariatpur GM Plaza, Ghorishar, Union: Ghorishar, District: Shariatpur

Dhaka Division
Jannat Super Market, East Narsinghopur, Union: Yearpur, Thana:
136 Ghoshbag Ashulia
Ashulia, District: Dhaka
Aziz Khan Super Market,Aladipur, Union: Sohidohabpur, Thana:
137 Goalanda Moor Goalanda
Aladipur, District: Rajbari
R.P Tower, Holding No-17/93, Hazratola Road, Thana- Kotowali,
138 Goalchamot Faridpur
Faridpur Pourosova, Faridpur
Godnail Hasan Tower, , Holding No.-H-78,Siddhirganj Road, Godnail-
139 Rupganj
Chowdhurybari Chowdhurybari, Thana: Siddhirganj, District: Narayanganj
Holding No: 35/9, Atish Dipankar Road, Thana: Jatrabari, District:
140 Golapbagh Stock Exchange
Dhaka
Gopalganj Heights, Building No.: 2/1, Golartek Palparaghat Sarak,
141 Golartek Gabtoli Bagbari
Thana: Darus Salam, District: Dhaka
Bibijan Halima Rashid Super Market, Kamta, Union: Dhankora,
142 Golora I/A Manikganj
Thana: Saturia, District: Manikganj
Shayma Villa, Holding No: 576, Konabari Bazar Road, Thana:
143 Gopalpur Dhanbari
Gopalpur District: Tangail
Siddique Plaza, Village: Gorai, Union: Gorai, Thana: Mirzapur,
144 Gorai Chandra SME/Krishi
District: Tangail
Haji Baten Super Market, Dhaka-Mymensingh Highway Road,
145 Gorgoria Master Bari Mawna
Thana: Sreepur, District: Gazipur
Hazi Super Market, Area: Gosairhat, Union: Edilpur, Thana:
146 Gosairhat Shariatpur
Gosairhat, District: Shariatpur
Sadar Plaza, Gozaria Bazar, Thana: Faridpur Sadar, District:
147 Gozaria Bazar Faridpur
Faridpur.
Good luck Center, Holding No: 151/7, Green Road, Thana:
148 Green Road Dhanmondi
Kolabagan, District: Dhaka
Gulshan Lake Drive Gazi Lake View, Holding No: KA/72/4/C, Shahjadpur Main Road,
149 Pragati Sarani
Road Road No: 106 (Extension), Thana: Gulshan, District: Dhaka
Gulshan-Badda Link Day Night Siraj Tower, Holding No: TA-114, Gulshan-Badda Link
150 Pragati Sarani
Road Road, Thana: Badda, District: Dhaka
Alhaj Alauddin Prodhan Super Market, Pashchim Hajiganj, Union:
151 Hajiganj Wapdar Pool Shibu Market
Fatullah, Thana: Fatullah, District: Narayanganj.
Bepari Tower-2, Union: Suvadda, Thana: South Keraniganj,
152 Hasnabad-Ekuria Aganagar
District: Dhaka
Mocca Modina Super Market, Hatimara Bazar Union: Rampal
153 Hatimara Muktarpur
Thana: Munshiganj District: Munshiganj
Fazlul Hauqe Plaza, Village: Hatirdia, Dag No.: R.S. 89, S.A. 63,
154 Hatirdia Bazar Narsingdi C.S. 69, Khatian No.: R.S. 100, Mouza Name: Hatirdia, Union:
Ekduaria, Thana: Monohordi, District: Narsingdi.
Atlantic Wazuddin Tower, Holding N0-168, Kudrat e Khuda Road,
155 Hatirpool Elephant Road
PS. New Market, Dhaka South City Corporation, Dhaka
Hatkhola Fokir Banu Fokir Banu Bhaban, Holding No: 19/1, Shahid Nazrul Islam Road,
156 Stock Exchange
Market Thana: Wari, District: Dhaka
Nazim Plaza, Hatkrisnapur, Union: Hatkrisnapur, Thana: Sadarpur,
157 Hatkrisnapur Faridpur
District: Faridpur
Madani Super Market, Hemayetpur Bus Stand Road, Tetuljhora
158 Hemayetpur Gabtoli Bagbari
Union, Savar, Dhaka
Haji Abdul Latif Tower, Holding No: A221/1 Hirajheel Main Road,
159 Hirajheel Bhuigar
Road No: 10, Thana: Shiddhirganj, District: Narayanganj
Holding No: 85, Holan Dakshinkhan Road, Thana: Dakshinkhan
160 Holan Bazar Nikunja
District: Dhaka

Dhaka Division
Habib Hotel International Ltd. (Holiday Inn Dhaka City Center),
Holiday Inn Dhaka City
161 Kawran Bazar Holding No: 23, Shahid Tajuddin Ahmed Sarani, Thana: Tejgaon
Center
Industrial Area, District: Dhaka
Holding No: 0765-00, Mach Mohal Road, Thana: Hossainpur,
162 Hossainpur Kishoreganj
District: Kishoreganj
Ichapura Bazar- Bhai Bhai Super Market, Village: Ichapura, Thana: Sirajdikhan,
163 Aganagar
Munshiganj District: Munshiganj
Mahbub Plaza, Building No.: 4/A Indira Road, Thana: Farmgate,
164 Indira Road Kawran Bazar
District: Dhaka
Momtaz Tower, Holding No.: 24 No. East Islambagh, Islambagh
165 Islambagh Moulvi Bazar (Dhaka)
Bou Bazar Road, Thana: Chawkbazar, District: Dhaka-1211
Siyam Super Market, Unit -1, Munsefer Char, Union: Putia
166 Itakhola Narsingdi
Upazilla: Shibpur, District: Narsingdi.
Motaleb Mansion, Holding No: 02, RK Mission road, Thana/
167 Ittefaq More Stock Exchange
Upazilla: Wari, District: Dhaka.
Silver Stone, Holding No: 21, Avenue Road, Road No.: 13, Thana:
168 Jahura Market Road Uttara
Uttara West, District: Dhaka
Jalirpar Bazar, Union: Nanikhir, Thana: Muksudpur District:
169 Jalirpar Bazar Takerhat
Gopalganj
Neyamot Shukria Shopping Complex, Jamaldi, Union: Hossaindi,
170 Jamaldi Sonargaon
Thana: Gozaria, District: Munshiganj-1511.
Jamalpur Chowrasta Jamalpur Chowrasta(Gazipur), Union: Moddhyapara, Thana:
171 Bhawal Mirzapur
Bazar Kaliakair, District: Gazipur.
Hasan Super Market, Jamsha Bazar,Union: South Jamsha, Thana:
172 Jamsha Bazar Manikganj
Singair, District: Manikganj
Sarkar Bhaban, Jamtola, Union: Mouchak, Thana: Kaliakoir,
173 Jamtola Mouchak Shafipur
District: Gazipur.
Mojid Khan Plaza, Building No.: 149, Block F, Thana: Konabari,
174 Jarun Bazar Konabari
District: Gazipur-1346.
Zaman Manzil, Holding No: 31, Abdur Razzak Road, Thana:
175 Jawlahati Chawrasta Arshinagar
Kamrangirchar, District: Dhaka.
Moon Super Market, Jhalkuri Dualpar Road, Thana: Siddhirganj,
176 Jhalkuri Bhuigar
Rahman Manjil, Holding No.: 43, Hazi Abdul Awal Road, Thana:
177 Jhawchar Arshinagar
Hazaribag, District: Dhaka.
Hashi Shopping Center, Jhitka, Union: Gala, Thana: Harirampur,
178 Jhitka Bazar Manikganj
District: Manikganj.
Holding No: KA-78, Joar Shahara Bazar Road, Thana: Vatara,
179 Joar Shahara Bazar Bashundhara
District: Dhaka
A. Hai Villa, Nagar Hawla, Union: Gazipur, Thana: Sreepur,
180 Joina Bazar Mawna
District: Gazipur.
Joynal Market- Joynal Tower Building No.: 41/1, Joynal Market Road, Thana:
181 Shahjalal Avenue
Dakshinkhan Dakkhinkhan, District: Dhaka
LA Complex, Zila Parishad Dak Banglow, Pourashava: Dohar,
182 Joypara Meghola
Thana: Dohar, District: Dhaka
Kabirajpur, Dag # Hal 374 , Union: Kabirajpur, Thana: Rajoir
183 Kabirajpur Bazar Takerhat
District: Madaripur
S.M. Nazrul Islam Tower, Holding No: 199/3/A, Kachukhet Main
184 Kachukhet Mirpur
Road, Thana: Dhaka Cantonment, District: Dhaka
Alhaj Kamrul Hasan Super Market, Kalampur, Union-Sutipara,
185 Kalampur Dhamrai
Thana-Dhamrai, Dist-Dhaka
Projapoti Tower, Kalatiya Bazar, Union: Kalatiya, Thana:
186 Kalatiya Arshinagar
Keraniganj Model Thana, District-Dhaka

Dhaka Division
Hazi Manjil, Dhaka Tangail Highway, Upazilla: Kaliakoir, District:
187 Kaliakoir Chandra SME/Krishi
Gazipur
Mahiuddin Mansion, Holding No: 02, Shahid Moizuddin Road,
188 Kaliganj Bazar Ghorasal
Thana: Kaliganj District:Gazipur
Al Madina Super Market, Holding No: 00-109, Tangail-
189 Kalihati Tangail
Mymensingh Highway, Thana: Kalihati, District: Tangail
Ali Amzad Bhaban, Holding No.: 10, A. C. Dhar Road Kalir Bazar,
190 Kalir Bazar Tan Bazar
Ward No.: 13, Thana: Narayanganj Sadar, District: Narayanganj
Alam Super Market, Holding No: 142, Swapan Shorafat Road,
191 Kalkini Tekerhat
Thana: Kalkini, District: Madaripur
Baitul Haque, Building No.: 12, South Kallayanpur, Mirpur Road,
192 Kallayanpur Gabtoli Bagbari
Thana: Darus Salam, District: Dhaka
193 Kalma Savar Bazar Jahangir Super Market, Kalma-2, Union: Ashulia, District- Dhaka
A Rahman Mansion, Holding, No: 78, Kamarpara Bazar Road,
194 Kamarpara Garib-E-Newaj Avenue
Road No: 21, Thana: Turag, District: Dhaka
Sagufta de lorengs, Holding No: 1/2/B, Kamlapur Bazar Road,
195 Kamlapur Bazar Naya Paltan
Thana: Motijheel, Dist: Dhaka
Hazi Ful Miah Market, Holding No: 1225, Kishoreganj Bhairab
196 Kamolpur Ashuganj
Road, Upazilla/Thana: Bhairab, District: Kishoreganj.
Shah Alam Super Market, Holding No: 131, Takerhatti Main Road,
197 Kamrangir Char Islampur
Thana: Kamrangirchar, District: Dhaka.
Habib Complex, Kanaipur Bazar, Union: Kanaipur, Thana: Faridpur
198 Kanaipur Bazar Faridpur
Sadar, District: Faridpur
Holding No: 902, Kanchan Dakshin Bazar, Pourosova: Kanchan,
199 Kanchan Isapura Bazar
Thana: Rupganj, District: Narayanganj
Holding No: 156/A, College Road, Thana: Uttarkhan, District:
200 Kanchkura Shahjalal Avenue
Dhaka
Hazi A. Rahman Tower, Village: Sonapur, Union: Kanchpur,
201 Kanchpur Rupganj
Thana: Sonargaon, District: Narayanganj
Mondol Tower, Kaoraid, Union: Kaoraid, Thana: Sreepur, District:
202 Kaoraid Bazar Mawna
Gazipur
Jamiat Ali- Soburan Nesa Complex, Holding No: 392, Karimganj
203 Karimganj Kishoreganj
Bazar Road, Thana: Karimganj, District: Kishoreganj.
Mono & Sons; Karimpur, Union: Karimpur, Thana: Narsingdi
204 Karimpur Narsingdi
SadarDistrict: Narsingdi
Joynal Bhaban, Holding No: 22, Haricharan Roy Road, Thana:
205 Karimullahbagh North Brook Hall Road
Shayampur, District: Dhaka
Ruhul Amin Plaza, Konabari-Kashimpur Road ,Thana: Kashimpur,
206 Kashimpur Konabari
District: Gazipur
207 Kashipur Netaiganj Mostak Villa, Kashipur, Thana: Fatullah, District: Narayanganj
Kasturi Para, Union: 11 No. Birbashinda, Thana: Kalihati District:
208 Kasturipara Bazar Tangail
Tangail.
40/1/C, Sher-E-Bangla Road, Thana: Mohammadpur, District:
209 Katasur Mohammadpur
Dhaka
Hazi Nazimuddin Super Market, Kathgora Bazar, Union: Ashulia,
210 Kathgora Bazar Ashulia
Thana: Ashulia, District: Dhaka.
211 Katiadi Bajitpur Nurani Market, Katiadi, Thana: Katiadi, District: Kishoreganj.
Hazi Milon Tower, Holding No.:56/57, Kazi Alauddin Road,
212 Kazi Alauddin Road Bangshal
Thana: Bangshal, District: Dhaka.
Bibi Mini Market Holding No: 6, Uttar Kutubkhali Link Road,
213 Kazla Konapara
Thana: Jatrabari District: Dhaka
214 Khandaker Bari Moor Bashundhara Solmaid Main Road, Thana: Vatara, District: Dhaka-1212.

Dhaka Division
F. Rahman Tower, Holding No: 73/3, Khanpur Bazar Road, Thana:
215 Khanpur Bazar Tan Bazar
Narayanganj Sadar, District: Narayanganj.
Khalifa Tower, Holding No: 56, Kha-Para Road, Thana: Tongi
216 Kha-Para Road-Tongi Cherag Ali
West, District: Gazipur
Nur Hosen Market, Khejurbagh Satpakhi, Union : Shuvaddya,
217 Khejurbag Keraniganj
District : Dhaka
Janani House, Holding No: Ka-165/2/A, Khilkhet Bottala Road,
218 Khilkhet Isapura Bazar
Thana: Khilkhet, District: Dhaka
219 Khoajpur Shariatpur Khoajpur, Union: Khoajpur, Thana: Madaripur, District: Madaripur
Shofi Enterprise, Nabab Char, Union: Sakta, Thana: Keraniganj,
220 Kholamora Arshinagar
District: Dhaka
Charulata Market, Kholilpur, Union: 6 No. Maschar, Thana:
221 Kholilpur Bazar Faridpur
Faridpur Sadar, District: Faridpur.
Datta Plaza, Khoria Bazar, Thana: Madhobdi, District:
222 Khoria Bazar Araihazar
Narayanganj (Narsingdhi)
Siam Super Market, Kolar Hat, Union: Bashantapur, Thana: Rajbari
223 Kolar Hat Goalanda
Sadar, District: Rajabari
Holding No: 82/3, Kollanpur Notun Bazar Road, Upazilla/Thana:
224 Kollanpur Notun Bazar Darus Salam Road
Mirpur, District: Dhaka
Chand Super Market, Village: Komorganj, Union: Boxnagar,
225 Komorganj Nawabganj
Upozila: Nawabganj, District: Dhaka
Hazi Taib Ali Daria Super Market, Ghaghor Bazar Road, Thana:
226 Kotalipara Kashiani
Kotalipara, District: Gopalganj
Habib Complex, Holding No.: 218, Thana Road, Thana: Kuliarchar,
227 Kuliarchar Bajitpur
District: Kishoreganj
Kunipara Happy Gulshan Tejgaon Link Holding No.: 22/A/4/4, Happy Homes, Kunipara Road, Thana:
228
Homes Road Tejgaon Industrial Area, District: Dhaka
Holding No.: Ka-121, Kuratoli Bazar Road, Thana: Vatara, District:
229 Kuratoli Bazar Bashundhara
Dhaka
Jaytun Plaza, Kurgaon Natun Para, Union: Pathalia, Thana:
230 Kurgaon Ashulia
Noor Manson, House No-Ka 57/3, Pragati Sarani Road, Kuril
231 Kuril Chowrasta Bashundhara
Chourasta,Vatara, P.O-Khilkhet, Dhaka
Hazi Shamsul Plaza, Kuturia, Union: Savar
232 Kuturia Savar Bazar
District: Dhaka.
Affan Tower, Holding No: 70, Haranath Ghosh Road, Thana:
233 Lalbagh Moulvi Bazar (Dhaka)
Chawkbazar, District: Dhaka
Building No.: 6/1/A, Farashgonj Road, Thana: Sutrapur, District:
234 Lalkuthi North Brook Hall Road
Dhaka
Holding No: 99/1, Avenue 4 Road, Road No: 06, Thana: Pallabi,
235 Lalmati Pallabi
District: Dhaka
Keya Tower, Holding No: 20/2, Shymaprosad Roy Chowdhury
236 Laxmibazar North Brook Hall Road
Road, Thana: Sutrapur, District: Dhaka
Ma Amena Tower, Lohagachhia, Union: Prohaladpur, Thana:
237 Lohagachhia Bazar Bhawal Mirzapur
Sreepur, District: Gazipur
Alhaz Rafiq Plaza, Area: Machpara Bazar, Union: Machpara,
238 Machpara Goalanda
Thana: Pangsha, District: Rajbari
Hazi Mansion, Building No.: 1224 (1204), Madani Avenue Road,
239 Madani Avenue Bashundhara
Thana: Bhatara, District: Dhaka
Bandhon Tower, Holding No: 97/A/1, Basabo Madartek Road,
240 Madartek Khilgaon
Thana: Sabujbag, District: Dhaka
Holding No. 81, Kalyanpur - Paikpara Main Road, Thana: Mirpur
241 Maddho Paikpara Gabtoli Bagbari
Model Thana, District: Dhaka

Dhaka Division
Mirza Mozaffar Super Market, Dhaka- Khulna Highway, Thana:
242 Madhukhali Bazar Faridpur
Modhukhali, Dist: Faridpur
Khorshed Super Market, Holding No: 1775, Madhupur-Jamalpur
243 Madhupur Dhanbari
Road, Thana: Madhupur, District: Tangail.
244 Madhya Pirerbag Darus Salam Road 267/1-A, Madhya Pirerbag, Mirpur-02 (60 feet road), Dhaka
Maishala Bazar
245 Goalanda Aziz Sardar Road, Thana: Pangsha, District: Rajbari
Pangsha
Motin Plaza, Holding No.: 25/7, Dhaka Mymensingh Highway,
246 Maleker Bari Board Bazar
Thana: Bason, Disctrict: Gazipur
Asmot Shopping Complex, Holding No: 1028, Malibagh Bazar
247 Malibagh Kancha Bazar Shantinagar
Road, Thana: Rampura, District: Dhaka.
Holding No: 260/6, Shantibag Road, Thana: Shahjahanpur,
248 Malibagh Moor Shantinagar
District: Dhaka.
249 Manda Khilgaon Holding No.: 22, College Road, Thana: Mugda, District: Dhaka.
Nasirunnessa Tower, Holding No: 34/A, Maniknagar Pukurpar
250 Maniknagar Pukurpar Stock Exchange
Road, Thana: Mugda, District: Dhaka-1203
Aual Mension, Poschim Masdair, Union: Enayetnagar, Thana:
251 Masdair Netaiganj
Fatullah, District: Narayanganj
Abdul Aziz Plaza, Holding No-78, Road No-01, Haji Badsha Mia
252 Matuail Dania
Road, Thana-Demra, Dhaka
Sifat Villa, Holding No: 22, Matuail School Road, Thana: Jatrabari
253 Matuail School Road Konapara
District: Dhaka
254 Mazar Road Darus Salam Road 1/A/1, 2nd colony, Mazar Road, Mirpur-1, Dhaka-1216
Islam Shopping Center, Meghna Ghat, Union: Pirojpur, Thana:
255 Meghna Ghat Sonargaon
Sonargaon, District: Narayanganj-1441
Alhaz Hafez Kafil Uddin Complex, Baniarchala, Memberbari
256 Memberbari Mawna Bus Stand, Union: Bhawal Gar, Thana: Gazipur Sadar, District:
Gazipur.
Holding No: 02, Merul Badda Main Road, Road No: 13, Thana:
257 Merul Badda Pragati Sarani
Badda, District: Dhaka
Middle Badda Post Holding No: La/53/1, Post Office Road, Thana: Badda, District:
258 Pragati Sarani
Office Road Dhaka
Hazi Abdul Rasul & Sons, Holding No: 10, Biren Bose Street,
259 Midford Road Islampur
Thana: Chawkbazar, District: Dhaka.
Mollah Plaza, Holding No: 46, Tongi-Kaliganj Road, Thana: Pubail
260 Mirer Bazar Tongi SME/Krishi
District: Gazipur
Jahanara Manzil, Holding No: 457/1, Madrasha Road, Thana:
261 Mirhazirbagh Nawabpur Road
Jatrabari District: Dhaka
262 Mirpur 12 Pallabi Holding No: 1C, Road No: 9/C, Thana: Pallabi, District: Dhaka
Mirpur DOHS Shopping Complex, Shop No-32, Mirpur DOSH
263 Mirpur DOHS Pallabi link Road, Road No. 09, Dhaka Cantonment Board, Thana: Pallabi,
Dhaka
Mirpur Sher-E-Bangla
264 Mirpur Holding No: 39, Road No: 07, Thana: Mirpur, District: Dhaka.
Stadium
Josonay, Holding No: 32, Avenue 4 Road, Thana: Shah Ali,
265 Mirpur-1 Bazar Darus Salam Road
District: Dhaka.
266 Mirpur-6 Pallabi Holding No.: 14, Road No.: 16, Thana: Pallabi, District: Dhaka.
Awalad Plaza, Holding No: 567, Shahid Minar Road, Thana:
267 Mirzapur Karatia
Mirzapur, District: Tangail
Hazi Abdul Haque Super Market, Modonpur, Union: Modonpur
268 Modonpur Rupganj

Dhaka Division
Noor Vandari Benvinato, Holding No: 217, Outer Circular Road,
269 Moghbazar Shantinagar
Thana: Hatirjheel, District: Dhaka
Khan Maisha Market, Building No.: 73/3, Mohammadbag Road,
270 Mohammadbag Dania
Thana: Kadamtoli, District: Dhaka -1236
Mohammadia Housing Holding No: 11, Mohammadia Housing Ltd., Main Road, Thana:
271 Mohammadpur
Main Road Mohammadpur, District: Dhaka
Mohammadpur Bus Plot No-Gha, Block- E, Sat Mosjid Road, Union-Mohammadpur,
272 Mohammadpur
Stand District- Dhaka
Chairman Market, Holding No: 47/B, Moinertek Bazar Road,
273 Moinertek Shahjalal Avenue
Thana: Uttarkhan, District: Dhaka
Khan Bhaban, Momin Khar Hat, Union: Char Madhobdia, Thana:
274 Momin Khar Hat Goalanda
Faridpur Sadar, District: Faridpur
Mongoler Gaon Bottola Ambor Bepary Plaza, Mongolergaon, Union: Pirojpur, Thana:
275 Sonargaon
Bazar Sonargaon, District: Narayanganj.
Barek Super Market, Bokrn Monipur, Union: Bhawal Gowr,
276 Monipur Bazar Bhawal Mirzapur
Upazilla: Joydebpur, District: Gazipur.
Afza Tower, Holding No: 27/F , Sangsad Bhaban Avenue, Thana:
277 Monipuripara Lalmatia
Tejgaon District: Dhaka
Probashi Plaza, Monohar Bazar Road Kali Bazar, Pourashava:
278 Monohor Bazar Shariatpur
Shariatpur, Thana: Palong, District: Shariatpur.
Shahin Plaza, Ground floor, Bipass Road, Monohordi Pourashova,
279 Monohordi Narsingdi
Narsingdi
Talukder Super Market, Mostafapur, Thana: Madaripur, District:
280 Mostafapur Takerhat
Madaripur.
281 Mouchak Shantinagar Mohsin Khan Tower, Holding No#98, Siddheswari, Dhaka-1217
282 Moyendia Bazar Faridpur Moyendia, Union: Poromessordi, Thana: Boalmari, Dist: Faridpur
Chandi Market, Thana-Mondir Road, Thana: Muksudpur, District:
283 Muksudpur-Gopalganj Kashiani
Gopalganj
Euro Plaza, Holding No: 813, Hospital Road, Thana: Munshiganj,
284 Munshiganj Sadar Muktarpur
District: Munshiganj
Muslimnagar, Union: Enayetnagar, Upazilla: Fatullah, District:
285 Muslimnagar Panchaboti
Narayanganj.
Mohiuddin Villa, Holding No: 2, T. Hossain Road,Thana: Bandar,
286 Nabiganj Bandar
Holding No: KA-59/2, Bir Pratik Anowar Hossain Road, Thana:
287 Nadda Bashundhara
Gulshan, District: Dhaka.
288 Nagarpur-Tangail Tangail Babnapara, Thana: Nagarpur, District: Tangail
Chairman Shopping Complex, Nali Bazar, Union: Arua, Thana:
289 Nali Bazar Manikganj
Shibalaya, District: Manikganj
Nalua KM Plaza, Nalua, Union: Joydebpur, Upazilla: Shakhipur, District:
290 Karatia
Tangail
Bhuiyan Plaza Holding No: 15803, Nandipara-Dakshingaon Main
291 Nandipara Khilgaon
Road, Thana: Khilgaon, District: Dhaka
Shohitunnesa Tower, Holding No.: 135, BB Road, Thana: Sadar,
292 Narayanganj BB Road Tan Bazar
Bhuiyan Mansion, Holding No: 448, Chaol Patti Road, Thana:
293 Narsingdi Bazar Narsingdi
Narsingdi Sadar, District: Narsingdi.
Karatia S. A. Plaza, Village: Natiapara, Union: Dubail, Thana: Delduar,
294 Natiapara Bazar
District: Tangail
Holding Name: 3/1, Nawab Eusuf Road, Thana: Bangshal,
295 Naya Bazar Moor Bangshal
District: Dhaka
296 Nayarhat Bazar Dhamrai Farhad Market, Union- Pathalia, Thana-Ashulia, Dhaka

Dhaka Division
297 Nazimuddin Road Moulvi Bazar (Dhaka) S.H Plaza, 90/91 Nazimuddin Road, Dhaka
Holding No.: 111/8/2, Niketon Bazar Road, Thana: Banani,
298 Niketon Bazar Mohakhali
District: Dhaka
Amir Uddin Ahmed Complex, Village: Nikli Puratan Bazar, Thana:
299 Nikli Bajitpur
Nikli, District: Kishoreganj
Holding No: 24, Nikunjo-2, Road No: 01, Thana: Khilkhet,
300 Nikunja-2 Uttara
District: Dhaka
Vandari Super Market, Nimtola, Union: Keain, Thana: Sirajdikhan
301 Nimtola Aganagar
Sikder Plaza, Nolia Jamalpur Bazar, Union: Jamalpur, Upazilla:
302 Nolia Jamalpur Bazar Faridpur
Baliakandi, District: Rajbari
Hazi Bhaban Holding # 2/3, Noorjahanj Road, Thana:
303 Noorjahan Road Mohammadpur
Mohammadpur, District: Dhaka
Arab Center, Holding No: 126/2/Ka, North Mugda Main Road,
304 North Mugda Khilgaon
Thana: Mugda, District: Dhaka
Amir Ali Super Market, Ambag Road, Thana: Konabari, District:
305 Noser Market Konabari
Gazipur
Holding No: 550, Road Name: Noyatola Main Road, Thana:
306 Noyatola Road Malibagh
Hatirjheel, District: Dhaka
Dania Al Modina Shopping Center Holding No: 430 (old) 63 (new),
307 Nurpur
Barnamala School Road, Thana: Kadamtoli, District: Dhaka
Haji Awlad Hossain Market, Kutubpur, Thana: Fatullah District:
308 Pagla Panchaboti
Narayanganj
M/S Bhuiyan Traders, Holding No: 919/1, Patmohol Road,
309 Pakundia Kishoreganj
Upazilla/Thana: Pakundia, District: Kishoreganj.
310 Pakuria Bazar Uttara Pakuria Bazar Road, Thana: Turag, District: Dhaka
Satter Khandaker Complex, Holding No: 260, Upozila Road,
311 Palash Ghorasal
Pourashava: Ghorashal, Thana: Palash District: Narsingdi
Holding No: J-62, Pallabi Extension, Thana: Rupnagar District:
312 Pallabi Extension Pallabi
Dhaka
Holding No: 02, Eastern Housing Main Road, Thana: Rupnagar
313 Pallabi Phase - II Pallabi
District: Dhaka
Badsha Tower, Dendabor Madhapara, Union: Dhamsona, Thana:
314 Palli Bidyut-Ashulia Ashulia
315 Paltan Naya Paltan Z.S Tower, Holding No. 15/1 Bijoynagar, Thana- Paltan, Dhaka
Ena Shakur Emarat, Holding No#19/1, 19/3, Space# 001,
316 Panthapath Kawran Bazar
Panthapath Road, Tejgaon, Dhaka
Momataz Plaza, Village: Paragram, Union: Koilail, Thana:
317 Paragram Hat Nawabganj
Nawabganj, District: Dhaka
Tangail Tahsin Sikder Market, Village: Parkhi Bazar, Union: Parkhi, Thana:
318 Parkhi Bazar
Kalihati, District: Tangail
Paschim Mukterpur, Union: Panchasar, Thana: Munshiganj Sadar,
319 Paschim Mukterpur Muktarpur
District: Munshiganj-1500.
Alim Plaza (1st floor), Holding No-158, Delduar Main Road,
320 Pathrail Tangail
Union- Pathrail, PS- Delduar, Dist.-Tangail
Bank Tower, Holding Name: 1633, Road Name: Zia Sarani, Thana:
321 Polashpur Dania
Kadamtali, District: Dhaka.
322 Poradia Bazar Narsingdi Poradia, Union: Patuli, Thana: Belabo, District: Narsingdi
Ashraf Plaza, Holding No: 440, Pubail Bazar Road, Thana: Pubail,
323 Pubail Bazar Tongi SME/Krishi
District: Gazipur-1721
Maijhati, Union: Patuavanga, Thana: Pakundia, District:
324 Puler Ghat Bazar Kishoreganj
Kishoreganj

Dhaka Division
Holding # 141/A, R.K. Mission Road, Thana: Motijheel District:
325 R.K. Mission Road Stock Exchange
Dhaka
Khaleque Market, Village Radhaganj Bazar, Union- Adiabad,
326 Radhaganj Hasnabad
Narsingdi
Golden View, Holding No: 09, Zoo Road, Road No: 02, Thana:
327 Rainkhola Bazar Darus Salam Road
Mirpur, District: Dhaka
328 Raipura Bazar Hasnabad Holding No.: 20, Raipura Road, Thana: Raipura, District: Narsingdi
Aziz Tower, Holding No.: 42, 43, Thana Road, Thana: Turag,
329 Rajabari Chowrasta Garib-E-Newaj Avenue
District: Dhaka
Zilani/Rabbani Plaza, Holding No: 46, Maroyari Potti Road, Thana:
330 Rajbari Goalanda
Rajbari Sadar, District: Rajbari.
Rajendrapur-Kapasia-Tok Road, Upazilla/Thana: Sreepur, District:
331 Rajendrapur Bhawal Mirzapur
Gazipur
Kaiyum Super Market, Rajfulbaria, Union: Tetuljhora, Upazilla:
332 Rajfulbaria Bazar Savar bazar
Savar, District: Dhaka
Building No.: 1383/8/11-D, WASA Road, Notunbag, Thana:
333 Rampura Bou Bazar Malibagh
Rampura, District: Dhaka
Abdur Rahman Shuvo Market, Goshargaon, Union: Durgapur, PS:
334 Raniganj Bazar Kapasia
Kapasia, District: Gazipur
Rasulbagh Mohakhali Plaza, Holding No: 56, Shohid taj Uddin Ahmed Sarani,
335 Mohakhali
Upazilla/Thana: Gulshan, District: Dhaka
Hazi Bhaban, Holding # 15/A, Sultanganj Road, Thana:
336 Rayer Bazar Dhanmondi
Mohammadpur, District: Dhaka
337 Rayerbagh Dania Nurjahan Tower, House -33, Plot-1728, Kadamtola , Dhaka
Iraboti Tower, Holding No.: 194, Registry Para Main Road, Thana:
338 Registry Para Tangail
Tangail, District: Tangail
Mim Shopping Complex, Holding no: 147, Nurpur Road,
339 Rikabi Bazar Muktarpur Pauroshova: Mirkadim, Thana: Munshiganj Sadar, District:
Munshiganj
Aysha Shopping Mall Holding No: 1200, Rasulpur Main Road,
340 Rony Market Islampur
Thana: Kamrangirchar District: Dhaka
Rotondia Bazar S.B. Super Complex, Area: Rotondia Bazar, Union: Rotondia,
341 Goalanda
Kalukhali Thana: Kalukhali, District: Rajbari
342 Roy Saheb Bazar Moor North Brook Hall Road Holding No.: 2, Nawabpur Road, Thana: Sutrapur, District: Dhaka.
Ispahani High School Multi Rise Market, Ruhitpur Boarding,
343 Ruhitpur Arshinagar
Thana: Keraniganj Model, District: Dhaka
Haider Mansion, Holding No.: 437/1, Barisal Jhalakathi Road,
344 Rupatali Barisal
Thana: Barisal Sadar, District: Barisal.
Rupganj Sub-Registry
345 Isapura Bazar Sayem Villa, Rupganj, Thana: Rupganj, District: Narayanganj.
Office
Md. Ali Dream, Holding No: 27, Rupnagar R/A Road, Road No:
346 Rupnagar Pallabi
12, Thana: Rupnagar, District: Dhaka
Shuvadda East Para, Saban Factory Road, Union: Shuvaddya,
347 Saban Factory More Aganagar
Thana: South Keraniganj, District: Dhaka
Al Modina Super Market, Sadarpur, Union: Sadarpur, Thana:
348 Sadarpur Bazar Faridpur
Sadarpur, District: Faridpur
Riaz Plaza, Saheprotap, Union : Shilmandi, Upozila: Narsingdi
349 Saheprotap Bazar Panchdona
Sadar, District: Narsingdi
Nibras Saherun Garden, Holding No.: 301/3, Road Name: Titas
350 Saherunbagh Banasree
Road, Thana: Khilgaon, District: Dhaka
Ateka Bhaban, Sardarkandi-Sakhipur Bazar, Thana: Sakhipur,
351 Sakhipur-Shariatpur Shariatpur
District: Shariatpur-8030.

Dhaka Division
Imam Tower, Holding No: 1480, Salna-Shimultoli Road, Thana:
352 Salna Bazar Gazipur Chowrasta
Sadar Metro, District: Gazipur
Harez Super Market, Saltha Bazar, Union: 4 No. Bhawal, Thana:
353 Saltha Bazar Faridpur
Saltha, District: Faridpur
Mim Tower, Holding No- 206, Road No- 03, Maddhya Sanarpar,
354 Sanarpar Konapara PS- Siddhirganj, PO- Sanarpar,Naraynganj City Corporation,
Naraynganj
Abdul Jobbar Super Market, Holding No.: H-36, Rahim Market
Sanarpar Rahim Market
355 Bhuigar Road, Road No.: 02, Block-E, Thana: Siddhirganj, District:
Road
Narayanganj.
HDM Plaza, Sararchar Bazar, Union:Sararchar, District :
356 Sararchar Bajitpur
Kishoreganj
Shamsul Huq Super Market, Holding No: 498, Sarulia Bazar Road,
357 Sarulia Konapara
Road No. 1145, Thana: Demra, District: Dhaka
Rupayan ZR Plaza, Building No.: 46, Sat Masjid Road, Road No.:
358 Sat Masjid Road Lalmatia
9/A, Thana: Dhanmondi, District: Dhaka
Bahar Plaza, Holding No: 52, Sataish Road, Thana: Tongi
359 Sataish Board Bazar
Poschim, District: Gazipur
A.R. Villa, Holding No: 14, Satarkul Road, Thana: Badda, District:
360 Satarkul Pragati Sarani
Dhaka
361 Satoir Bazar Faridpur Satoir, Thana: Boalmari, Dist: Faridpur
Saturia School Market, West Nandeshwari, Thana: Dhamrai,
362 Saturia Dhamrai
District: Dhaka.
Holding No.: D-127, Abul Kashem Sandip Thana: Savar, District:
363 Savar Thana Stand Savar Bazar
Dhaka
364 Sayadabad Konapara Holding No: 16/1, Khalpar Road, Thana: Jatrabari District: Dhaka
Amena Mansion, Building No.: 53/1, Road Name: New Elephant
365 Science Lab Elephant Road
Road, Thana: New Market, District: Dhaka.
Building No.: 41, Sonargaon Janapath, Thana: Uttara West,
366 Sector -12 Khalpar Garib-E-Newaj Avenue
District: Dhaka
Prestige Hons, Holding No: 23, Segunbagicha Road, Thana:
367 Segunbagicha Naya Paltan
Ramna, District: Dhaka
368 Senpara Parbata Mirpur Holding No: 30, Mirpur Road, Thana: Kafrul, District: Dhaka
Sobed Ali Plaza, Holding No: C-65, Birulia Road, Thana: Savar,
369 Shahibag Chowrasta Savar Bazar
District: Dhaka.
Holding No: KA/85/3, Shahjadpur, Pragati Sarani, Thana:
370 Shahjadpur Pragati Sarani
Gulshan, District: Dhaka
Shahjahan Sir Market, Holding No.: 110, Shahjahan Sir Road,
371 Shahjahan Market Gabtoli Bagbari
Thana: Hazaribag, District: Dhaka.
Bonik Samiti Bhaban, Holding No.: N-827, Dhaka Road, Upozilla:
372 Shakhipur Karatia
Shakhipur, District: Tangail.
Holding No: 69/1, Shankar Road, Thana: Mohammadpur, District:
373 Shankar Lalmatia
Dhaka
H. R. Plaza, Sheherchar, Union: Meherpara, Thana: Narsingdi,
374 Shekharchar Baburhat Madhabdi
District: Narsingdi
Khandoker Manson, Holding No: 971, Begum Rokeya Sarani,
375 Shewrapara Mirpur
Thana: Kafrul, District: Dhaka.
Suchitra Tower, Holding No: 0166-00, Sornokar Potti, Thana:
376 Shibchar Takerhat
Shibchar, District: Madaripur
London Tower, Holding No: 48, Dak Bangla Road, Thana: Shibpur,
377 Shibpur Bazar Narsingdi
District: Narsingdi
S.M Tower, Holding No: H11/1, AEPZ Road, Thana: Shiddhirganj
378 Shiddhirganj Rupganj

Dhaka Division
437/4, Razu Complex, Shimultoli, Joydebpur, Gazipur Sadar,
379 Shimultoli Gazipur Chowrasta
Gazipur
Holding No: 28, Showari Ghat Road,Upazilla/Thana: Chawk
380 Showari Ghat Moulvi Bazar (Dhaka)
Bazar, District: Dhaka
Mridha Super Market, Bhagyakul Road, Mouza- Srenagar, District:
381 Shreenagar Meghola
Munshiganj
Dania Holding No.: 04, Road Name: Mangal Bekari Sutikhal Par Road,
382 Shuti Khalpar
Thana: Jatrabari, District: Dhaka-1204.
Al Amin Apon Heights, Holding No: 27/1/B, Mirpur Road, Thana:
383 Shyamoli Bus Stand Gabtoli Bagbari
Sher-e-Bangla Nagar, District: Dhaka
Abdus Sobahan Tower, Boroitola Road, Thana: Kadamtoli,
384 Shyampur North Brook Hall Road
District: Dhaka
K.K Tower, Holding No.: 1005, Dhaka-Mymensingh Highway,
385 Sign Board-Gazipur Board Bazar
Thana: Gacha, District: Gazipur.
TPL Complex, Shantidhara, Union: Kritobpur, Thana: Fotullah,
386 Signboard Bhuigar
District: Narayanganj.
387 Singair Road Savar Bazar Raj Palace, Village: Rishipara, Union: Tetuljhora, District: Dhaka
Holding No.# 5/1, Sir Salimullah Road, Thana: Mohammadpur,
388 Sir Salimullah Road Mohammadpur
District: Dhaka
Aziz Bhaban, Building No.: A/171, 1224, Jamiruddin Road, Thana:
389 Sona Miah Bazar Shibu Market
Siddhirganj, District: Narayanganj
Hazi Afsar Uddin Super Market, Sonapur Bazar, Union: Majubari,
390 Sonapur Bazar Goalanda
Thana: Kalukhali, District: Rajbari
Sonargaon Taltola Yasin Shopping Complex, Taltola Bazar, Union: Jampur, Thana:
391 Araihazar
Bazar Sonargaon, District: Narayanganj
House - 18, Block - K, Main Road, South Banasree, Dhaka 1219
392 South Banasree Banasree (Johir Bhaban, Holding No.- K/18, Main Road (South Banasree)
Thana: Khilgaon, Dhaka)
Hazi Shohor Ali, South Gazirchat, Union: Dhamsona, Thana:
393 South Gazirhat Ashulia
Monowara Begum Villa, Holding No: 233/2, South Goran Road,
394 South Goran Khilgaon
Thana: Khilgaon, District: Dhaka
Rohama Complex, Holding No: 314/A/6, Bir Uttam Haider Road,
395 South Jatrabari Konapara
Thana: Jatrabari, District: Dhaka
Station Road Natun Holding No: 119/2, Dhaka-Kaliganj Highway, Thana: East Tongi,
396 Tongi SME/Krishi
Bazar-Tongi District: Gazipur
Sultan Plaza, Holding No.: 91, Sreepur-Kashimpur Road, Thana:
397 Sultan Market Konabari
Kashimpur, District: Gazipur-6591.
398 Sutrapur North Brook Hall Road Holding No.: 43, Walter Road, Thana: Sutrapur, District: Dhaka
399 Swamibagh Dania 90, Swamibagh Lane, Thana: Gendaria, District: Dhaka
Hossain Ahmed Road, Union-Fatulla, Thana: Fatulla, District:
400 Tagarpar Isdair Tan Bazar
Narayanganj
Holding No: Z/22, Tajmahal Road, Thana: Mohammadpur,
401 Tajmahal Road Mohammadpur
District: Dhaka
Hazi Abdul Hamid Complex, Takterchala, Union: Hatibandha,
402 Takterchala Karatia
Upazilla: Shakhipur, District: Tangail
Holding No: 730/12 (Block-C), Shaheed Baki Road, Thana:
403 Taltola Khilgaon
Khilgaon, District: Dhaka
Haque Mansion, Holding No: 121, Taltola Bazar Road, Thana:
404 Taltola Bazar Road Mirpur
Sher-e-Bangla Nagar, District: Dhaka
A R Tower, Holding No.: 83, Sultan Gias Uddin Sarak, Road No.:
405 Tamak Potti Netaiganj
1, Thana: Sadar, District: Narayanganj

Dhaka Division
406 Tangail Baby Stand Tangail SR Plaza, Baby Stand Road, Thana: Tangail, District: Tangail
Ashraf Mansion, Building No.: 59, Moneshwar Road, Thana:
407 Tannery More Dhanmondi
Hazaribag, District: Dhaka
Rawshon Ara Complex, Village: Tarail, Union: Tarail Sachail, Thana:
408 Tarail Bajitpur
Tarail, District: Kishoreganj
409 Targaon Kapasia Targaon, Thana: Kapasia, District: Gazipur
Holding No: 78, Old Airport Road, Thana: Tejgaon, District:
410 Tejkunipara Karwan Bazar
Dhaka.
Holding No: 178 & 179, Farmgate-Tejturi Bazar Road, Road No:
411 Tejturi Bazar Road Kawran Bazar
23, Thana: Tejgaon, District: Dhaka
Tepakhola Bazar Jalaluddin Tower, Holding No: 21-06-A, Tepakhola Lakepar Bazar
412 Faridpur
Road, Pourashava: Faridpur, Thana: Kotwali, District: Faridpur.
Dr. Hossain Ali Market, Toke Nayon Bazar, Union: Toke, Thana:
413 Toke Nayon Bazar Kapasia
Kapasia, District: Gazipur
Towhid Tower-4, Holding No.: 17/4, Khanka Mosjid Road, Thana:
414 Tolarbag Darus Salam Road
Darus Salam, District: Dhaka.
Chand City Center, Tongibari, Union: Sonarong, Thana:Tongibari
415 Tongibari Muktarpur
Shahid (JCO) Yeasin Manjil, Holding No: 16/30, Azam Road, Block
416 Town Hall Lalmatia
D, Thana: Mohammadpur, District: Dhaka
Munshi Super Market, Holding No: 214/2, Patgati Bazar, Thana:
417 Tungipara Kashiani
Tungipara, District: Gopalganj
Bishal Center, Tushardhara Zero Point, Tushardhara R/A, Matuail,
418 Tushardhara Dania
Kadamtoli, Dhaka-1362
Islam tower, Holding No: 464/H, DIT Road, Thana: Hatirjheel
419 TV Center Malibagh
District: Dhaka
420 Ulukhola Bazar Isapura Bazar Monsoon Plaza, Village: Nagori, Thana: Kaliganj, District: Gazipur
The N Building, Holding No: 01, Road No: 16, Thana: Uttara
421 Uttara Sector 6 Shahjalal Avenue
East, District: Dhaka
Holding No: 180/D/3, Uttarkhan Master para Bazar Road, Thana:
422 Uttarkhan Masterpara Shahjalal Avenue
Uttarkhan, District: Dhaka
Shah Tower, Holding No: 2294/A, Shah Kabir Mazar Road, Thana:
423 Uttarkhan Mazar Road Shahjalal Avenue
Uttarkhan, District: Dhaka
424 Vadail Bazar Ashulia Vadail Bazar, Union: Dhamshona, Thana: Ashulia, District: Dhaka.
Hazi Hannan Super market, Balasur, Union: Vhagyakul, Upazilla:
425 Vaggyakul Meghola
Sreenagar, District: Munshigonj.
Mollah Super Market , Village & Union: Vannara, Thana: Kaliakoir,
426 Vannara Bazar Shafipur
District: Gazipur
Maa Plaza, Holding No: 137/1, College Road, Thana: Vedorganj,
427 Vedorganj Shariatpur
District: Shariatpur
Village: Velanagar, Union: Chinishpur, Thana: Narsingdi Sadar,
428 Velanagar Panchdona
District: Narsingdi-1602
SEL Trident Tower Holding No: 57, VIP Road, Road No: 57,
429 VIP Road Naya Paltan
Thana: Paltan District: Dhaka
Shuvoraj Tower, Holding No: 08/2/A, Waisghat Road, Thana:
430 Wais Ghat Islampur
Kotwali, District: Dhaka
Ara Complex , Holding No: 56, Wapda Road, Upazilla: Hatirjheel
431 WAPDA Road Malibagh
(Old Thana- Rampura), District: Dhaka
432 Wari Stock Exchange 18/C Rankin Street, Wari,PS: Wari, Dhaka-1203
Gulshan Tejgaon Link Khan Manzil, Holding No: 592, Nakhalpara Main Road, Thana:
433 West Nakhalpara
Road Tejgaon, District: Dhaka
434 Yusuf Market Ashulia Dhonaid, Union: Yearpur, Thana: Ashulia, District: Dhaka.

Dhaka Division
Holding No: 54, Moinul Islam Road, Thana: Zazira, District:
435 Zazira Shariatpur
Shariatpur.
Holding No#21/4/A, Zigatola Main road, Dhanmondi,
436 Zigatola Dhanmondi
Dhaka-1000
Hazi Bashir and Jahanara Paper Complex, Holding No.: 34
437 Zindabahar First Lane Islampur Zindabahar 1 No Line, Zindabahar 1 No Line Road, Thana:
Kotowali, District: Dhaka
Nuria Plaza, Zinzira Ferighat, , Union: Zinzira, Thana: Keraniganj,
438 Zinzira Aganagar
District: Dhaka.
Razzak Commercial Complex , Zirabo, Union-Yearpur, Thana-
439 Zirabo Ashulia
Ashulia, Dist-Dhaka
Chattogram Division
2 No Gate - Holding No: 229, Bayazid Road, Thana: Panchlaish, District:
1 CDA Avenue
Chattogram Chattogram
Bondhon Rajprasad, Holding No: 51, Academy Road, Thana: Feni
2 Academy Road Feni
Sadar, District: Feni
Tayeb Ali Plaza, Adda Bazar, Union: 12 no Adda, Thana: Borura,
3 Adda Bazar Chandina
District: Cumilla.
4 Adunagar Bazar Keranihat Padmabati, Adunagar, Thana: Lohagora, District: Chattagram
Holding No: 362/1, Agrabad Access Road, Thana: Halishahar,
5 Agrabad Access Road Sheikh Mujib Road
District: Chattogram.
Haji Jafar Center, Holding No: 62, Bijoy Nagar Road, Road No:
6 Airport Road Bandartila
02, Thana: Patenga, District: Chattogram
Sankarpur, Union: 2 No. North Durgapur, Thana: Kotwali, District:
7 Alekhar Char Moynamoti
Cumilla.
8 Aman Bazar Hathazari N S Tower, Village: Chikon Dandi, District: Chattogram
Sumaya Plaza, Amishapara, Mouza:Amishapara, Union/Upzilla:
9 Amishapara Chandraganj
10 No. Amishapara, District:Noakhali
Ananda Bazar- Sarkar Plaza, Ramdaspur, Union: Farazikanda, Thana: Matlab
10 Kachua
Chandpur North, District: Chandpur
Hazi Achiya Hossain Shopping Complex, Arai Sidha, Union:
11 Araisidha Bazar Ashuganj
Araisidha, Thana: Ashuganj, District: Brahmanbaria-3402.
Nahian Center, Holding No.: 08, Road No.:02, Block-J, Artilary
12 Artillery Road Alankar Moor
Road, Thana: Halishahar, District: Chattogram
Aziz Tower, Holding No: 2119/3982, Hathazari Road, Thana:
13 Aturar Depot Panchlaish
Panchlaish, District: Chattogram
Emdad Mansion, K.B. Aman Ali Road,
14 B.Ed College Gate Chawk Bazar
Thana: Bakulia, District: Chattogram
Forhad market, Badarpur,Union: Maijkhar, Thana: Chandina,
15 Badarpur Chandina
District: Cumilla.
Global Tower, Baghmara Bazar, Union: 7 No. Baghmara , District:
16 Baghmara Bazar Laksham
Cumilla
Bailchari K.B. Bazar, Union: Bailchari, Thana: Banshkhali, District:
17 Bailchari Anwara
Chattogram-4392
Madina Super Market, Gangatia, Thana: Muradnagar, District:
18 Bakhrabad Companiganj
Cumilla
AB Plaza, Village: Bakila, Union: Bakila, Thana: Haziganj, District:
19 Bakila Bazar Kachua
Chandpur

Chattogram Division
M. A. Plaza, Holding No.: 377, Balaghata, Thana: Bandarban
20 Balaghata Keranihat
Sadar, District: Bandarban
Daulatpur Balutupa Jame Mosjid, Balutupa, Union: 6 No
21 Balutupa Bazar Cumilla
Jagannatpur, Thana: Cumilla Sadar, District: Cumilla
Musa Market, Holding No.: C-11/3, T&T Road, Thana:
22 Bancharampur Gouripur Bazar
Banchharampur, District: Brahmanbaria.
Gunanandi, Union: North Durgapur, Thana: Kotwali, District:
23 Bangla Bazar-Cumilla Moynamoti
Cumilla.
24 Bangodda Bazar Miah Bazar Bhuiyan Market, Bangodda, Thana: Nangalkot, Dist: Cumilla-3550
Abu Jamal Bhabon, Bangora Bazar, Union: Junedpur, Thana:
25 Bangora Bazar Companiganj
Nabinagar, District: Brahmanbaria
Hazi Shaleh Ahmed Bhaban, Holding No: 319, Kamar Goli,
26 Baraiyarhat Feni
Pourashova: Baraiyarhat, Thana: Joyarganj, District: Chattogram.
Kalam Center, Baro Awlia, Union: Middle Sonaichori, Thana:
27 Baro Awlia Madam Bibir Hat
Sitakunda, District: Chattogram.
Holding No: 3016, Milon Road, Upazilla/Thana: Barura, District:
28 Barura Chandina
Cumilla.
R.D. Shopping Mall, Holding No: 111, Basurhat,Kabirhat Road,
29 Basurhat Choumuhani
Upozila:Basurhat, District:Noakhali
SS Tower, Batakandi, Union: Jagatpur, Upazilla: Titas, District:
30 Batakandi Bazar Gouripur Bazar
Cumilla.
Compact Bayazid Square, Holding Name: 212/1, Bayazid Abasik
31 Bayazid Khulshi
Road, Thana: Bayazid Bostami, District: Chattogram-4210
Bajalia New Market, Bajalia Bus Station, Union: Bajalia, Thana:
32 Bazalia Keranihat
Satkania, District: Chattogram
Kamal Member Market, Village: Bholain, Union: Adra South,
33 Bholain Bazar Cumilla
Thana: Nangalkot, District: Cumilla
Jahangir Market, Area: Amtoli Bazar, Union: 2 no. Chandura,
34 Bijoynagar Amtoli Bazar Brahmanbaria
Thana: Bijoynagar, District: Brahmanbaria
Hazi Tofayel Shopping Complex, Kanchi, Union: Bipulashar,
35 Bipulashar Bazar Laksham
Thana: Monohorgonj, District: Cumilla.
Haji Naosha Plaza, Dhaka-Sylhet Highway, Thana: Brahmanbaria,
36 Biswaroad point Brahmanbaria
District: Brahmanbaria
Hasan Ali Super Market, Bizra, Union: Bakoi, Thana: Laksam,
37 Bizra Bazar Laksham
District: Cumilla
Mahbub Plaza, Boidyer Hat Bazar, Union: 11 No. Suabil, Thana:
38 Boidyer Hat Fatikchari
Bhujpur, District: Chattogram
Khondoker Tower, Boktar Munshir Bazar, Union: 3 no.
39 Boktar Munshir Bazar Feni
Mongolkandi, Thana: Sonagazi, District: Feni
40 Bou Bazar Shah Amanat Market Bismillah Tower, DC Road, Thana: Bakulia, District: Chattogram
Progati Market, Bozra Bazar, Union: 7 No Bozra, Thana:
41 Bozra Bazar Choumuhani
Sonaimuri, District: Noakhali
Yousuf Miyazi Plaza, Brahmanpara, Thana: Brahmanpara, District:
42 Brahmanpara Bazar Cumilla
Cumilla
Burichang Tower, Burichang, Upazilla: Burichang , District:
43 Burichang Cumilla
Cumilla
Bismillah Mansion, Barahipur, Union: 4 no Bhulin, Thana: Lalmai,
44 Buschi Bazar Miah Bazar
District: Cumilla.
Haque & Alam Plaza, Building No.: 1193/1279, Airport Road,
45 CEPZ Bandartila
Thana: CEPZ, District: Chattogram.

Chattogram Division
Khaja City Garden, Dak Bangla Road, Thana: Chhagalnaiya,
46 Chagalnaiya Feni
District: Feni
Mannan Center, East Chambal, Union: Chambal, Thana:
47 Chambal Bazar Keranihat
Banshkhali, District: Chattogram
Five Star Plaza, Champaknagar, Union: Bijoynagar, District:
48 Champaknagar Akhaura
Brahmanbaria
Holding No: 252, Block B, Road No: 11, Thana: Chandgaon,
49 Chandgaon R/A Panchlaish
Cherag Ali Market, Holding No.: 983, Cumilla Road, Thana:
50 Chandpur Baburhat Kachua
Chandpur Sadar, District: Chandpur.
Modhu Sudhan High School Market, Building No.: 999, Royez
51 Chandpur Puran Bazar Kachua
Road, Thana: Chandpur Sadar, District: Chandpur.
Khokon Plaza, Kharkhadia, Union: 1 No Baluthuva West, Thana:
52 Chandra Bazar Kachua
Faridganj, District: Chandpur
Village: Chaprashir Hat, Union: Chaprashir Hat, Thana: Kabirhat,
53 Chaprashir Hat Choumuhani
District: Noakhali
Joynal Plaza, Chaterpaiya, Union: Senbag, Thana: Senbag,
54 Chaterpaiya Choumuhani
District: Noakhali.
Razzak Bhaban, Alia Madrasa Road, Thana: Chatkhil, District:
55 Chatkhil Chandraganj
Noakhali
Dorji Plaza, Holding No: 1122, College Road, Pauroshova:
56 Chengarchar Gouripur Bazar
Chengerchar, Thana: North Matlab, District: Chandpur
Sobhan Market, Lakkhanpur, Thana: Begumganj, District:
57 Chhayani Bazar Chandraganj
Noakhali
Mahfuz Tower, Village: Chandol, Union: 18 No Chitoshi East,
58 Chitoshi Bazar Laxmipur
Thana: Shahrasti, District: Chandpur
Santosh Golden Tower, Mosjidda, Choto Kumira, Union: Kumira,
59 Choto Kumira Madam Bibir Hat
Thana: Sitakunda, District: Chattogram
Mostafa Market, Village: Chowdhury Hat, Union: Char Parboti,
60 Chowdhury Hat Choumuhani
Thana: Companyganj, District: Noakhali-3850
Yes Tower, Chowdhuryhat, Union: Chikondandi, Thana: Hathazari,
61 Chowdhuryhat Hathazari
Haji Shopping Complex, Chunti Deputy Bazar, Union: Chunti,
62 Chunti Bazar Chakaria
Thana: Lohagora, District: Chattogram.
College Bazar, Union: Sikalbaha, Thana: Karnafuli, District:
63 College Bazar Anwara
Chattogram.
Fazal Market, Court Bazar, Union: Rotna Palong, Thana: Ukhiya,
64 Court Bazar Cox’s Bazar
District: Coxs Bazar
65 Cumilla EPZ Cumilla Holding No: 57, EPZ Road, Thana: Sadar South, District: Cumilla
Rafiq Trade Center, Holding No: 0386-01, Dagonbhuiyan-
66 Dagonbhuiyan Choumuhani
Basurhat Road, Thana: Dagonbhuiyan, District: Feni-3920
Dakshin Bangora Molla Plaza, Dakshin Bangora-Rupbabu Bazar, Union: Bangora,
67 Companiganj
Rupbabu Bazar Thana: Bangora, District: Cumilla-3543.
Raja Monjil, Paschim Lakshmipur, Union: Dalal Bazar, Thana:
68 Dalal Bazar-Lakshmipur Laxmipur
Lakshmipur Sadar, District: Laxmipur
Dattapara Bazar- Dattapara Chowdhury bazar, Union: 8 No. Dattapara, Thana :
69 Chandraganj
Laxmipur Chandraganj, District: Laxmipur
Khondoker Tower, Holding No: 576, Bazar Road, Thana:
70 Daudkandi Gouripur Bazar
Daudkandi, District: Cumilla

Chattogram Division
Holding No: 1192/KA, Chattogram- Rangamati Highway Road,
71 Debashish Nagor Rangamati
Main Road, Thana: Kotwali, District: Rangamati.
Shopnil Tower, Holding no. 253, New Market Road, Ward no. 05,
72 Debidwar Companiganj
Devidwar Municipality, Devidwar, Cumilla
JS Tower, Holding No: 89, Nawab Sirajuddaula Road, Thana:
73 Dewan Bazar Chawk Bazar
Kotwali, District: Chattogram
Metro Plaza, Holding No. 373/388, Sk. Mujib Road, Thana:
74 Dewanhat Sheikh Mujib Road
Double Moring , District: Chattogram.
A.R. Plaza, Taligram, Union: Cheora, Thana: Chouddogram,
75 Dhorkora Miah Bazar
District: Cumilla
Dighinala, Union: 2 No Boalkhali, Thana: Dighinala, District:
76 Dighinala Rangamati
Khagrachhari
F.G. Habib Plaza, Rail Station Road, Thana: Chandanaish, District:
77 Dohazari Keranihat
Chattogram.
Hakim Foraizi Market, Dorbesher Hat, Union: 1 No. Sindurpur,
78 Dorbesher Hat Feni
Thana: Dagonbhuiyan, District: Feni.
Sultana Plaza, Maijdee-Sonapur Road, Thana: Sudharam, District:
79 Dotter Hat Choumuhani
Noakhali-3800
Sheba Pathology, Dovashi Bazar, Union: 11 No Chandraghona
80 Dovashi Bazar Noju Miah Hat
Kadamtoli, Thana: Rangunia, District: Chattogram
Aslam Chowdhury Market Complex, Dulahazara, Thana:
81 Dulahazara Chakaria
Chakaria, District: Cox’s Bazar.
Eidgah Bazar, Union: Jalalabad, Thana: Eidgah, District: Cox’s
82 Eidgah Bazar Cox’s Bazar
Bazar
KR Plaza, Eliotganj Bazar, Union/Thana: Daudkandi, District:
83 Eliotganj Gouripur Bazar
Cumilla.
Batali Trade Centre, Holding No. 618, Batali Road, Thana:
84 Enayet Bazar Shah Amanat Market
Kotowali, District: Chattogram
Joya Plaza, Holding No: 1002, Raipur Road, Thana: Faridganj,
85 Faridganj Kachua
District: Chandpur
Taher Bhaban, Holding No: 01, A Block, Road No: 05, Thana:
86 Foillatali Bazar Alankar Moor
Halishohor, District: Chattogram.
A. Khalek Complex, Holding No.: 997, Cumilla-Sylhet Highway
87 Fulbaria Brahmanbaria Brahmanbaria
Road, Thana: Brahmanbaria Sadar, District: Brahmanbaria
Fulgaji Trade Center, Fulgazi Bazar, Thana: Fulgazi Sadar, District:
88 Fulgazi Feni
Feni
South Kanchona Gurguri, Union: Kanchona, Thana: Satkania,
89 Fultola Bazar-Satkania Keranihat
District: Chattogram
Rivine Haji Plaza, Chattogram- Cox’s Bazar Highway, Thana:
90 Gachbaria Keranihat
Chandanaish, District: Chattogram
Asma Nir, Holding No: 758/3, Highway Road, Thana:
91 Gas Field Gate Brahmanbaria
Brahmanbaria Sadar, District: Brahmanbaria.
92 Gohira Hathazari Rangamati Road, Thana: Raozan, District: Chattogram
Dakhin Pennai, Union: Gouripur, Thana: Daudkandi, District:
93 Gouripur Bus Stand Gouripur Bazar
Cumilla
Al Helal Super Market, Haiderganj Bazar, Union: 1 No Uttar char
94 Haiderganj Laxmipur
Ababil, Thana: Raipur, District: Laxmipur
95 Haimchar Bazar Kachua Nibas Bhaban, Haimchar, Thana: Haimchar, District: Chandpur
Haji Mansion, Holding No: 389, Kapuria Patti Road, Thana:
96 Hajiganj Bazar Kachua
Hajiganj District: Chandpur

Chattogram Division
Ayesha Vaban Vuiyan Super Market, Gobindapur, Union: 6 No
97 Hajir Bazar Feni
Kalidah, Upazilla: Feni Sadar, District: Feni.
House#5/A, Lane-2, Rd No.-2, Block-G, Halishahor Housing
98 Halishahor Alankar Moor
Estate, Chattogram
Hasanpur Tower, Village: Hasanpur, Union: Mokara, Thana:
99 Hasanpur-Dhalua Road Laksham
Nangalkot, District: Cumilla
Hazi Md. Rashid Tower, Hnila Bazar, Thana: Teknaf, District: Cox’s
100 Hnila Bazar Cox’s Bazar
Bazar
Shila Moni Shopping Mall, Holding No: 742, Thana Road, Upozila:
101 Homna Bazar Gouripur Bazar
Homna, District: Cumilla
MiahRa Mansion, Islampur Bazar, Union: Budhonti, Thana:
102 Islampur Bazar Brahmanbaria
Bijoynagar, District: Brahmanbaria.
103 Jafarganj Cumilla Jafarganj, Union: Jafarganj, Thana: Debidwar, District: Cumilla
104 Jaldi Anwara Anwara-Banshkhali Road, Thana: Banshkhali, District: Chattogram
Khan Mansion, Holding No: 84/A, Jamal Khan Road, Thana:
105 Jamal Khan Road Shah Amanat Market
Kotwali, District: Chattogram
Rahman Complex, Jamiderhat, Union: Rasulpur, Thana:
106 Jamiderhat Choumuhani
Begumganj, District: Noakhali-3820
Mahabub Shopping Center, Basurhat-Kabirhat Road,Upozila:
107 Kabirhat Choumuhani
Kabirhat, District: Noakhali
Janata Super Market, Holding No: 317, Kachua Bazar Main Road,
108 Kachua Bazar Kachua
Upozila: Kachua, District: Chandpur
Khalek Mansion, Holding No: 1167, Dhaka Trunk Road, Thana:
109 Kadamtoli-Chattogram Sheikh Mujib Road
Double Mooring, District: Chattogram
Member Bhaban, Kala Bibi Dighir Moor, Union: 8 no. Chaturi,
110 Kala Bibi Dighi Anwara
Thana: Anwara, District: Chattogram
AJ Tower, Holding No: 3617/5179, Shah Amanat Link Road,
111 Kala Miah Bazar CDA Avenue
Thana: Bakolia District: Chattogram
Chairman Plaza, Bhollabpur Kalir Bazar, Union: 1 Kalir Bazar,
112 Kalir Bazar-Cumilla Moynamoti
Thana: Adarsha Sadar, District: Cumilla
Holding No.98/1, Victoria College Road, Upazilla: Cumilla Sadar,
113 Kandirpar Cumilla
Thana: Kotowali, District: Cumilla
Haji Alahi Bapari Super Market, Kangshanagar, Union/Upazilla:
114 Kangshanagar Moynamoti
Varella Union Council, Thana: Burichong, District: Cumilla
Kankir Hat, Union: Dumuria, Thana: Senbag, District:
115 Kankir Hat Choumuhani
Noakhali-3863.
Taz Center, College Road Kanungopara, Union: Popadia, Thana:
116 Kanungopara Boalkhali
Boalkhali, District: Chattogram
Ezahar Chowdhury Centre, Holding No: 3654, Kaptai Rastar
117 Kaptai Rastar Matha Noju Miah Hat
Matha, Thana: Chandgaon, District: Chattogram
Fazlul Haque Tower, Holding No.: 99, Zila Praisad Road, Thana:
118 Kasba Akhaura
Kasba, District: Brahmanbaria.
Hazi Siddik Rahman Shopping Comple, Ramchandrapur,
119 Kashinagar Miah Bazar
Kashinagar Union Parishad, District: Cumilla
Md.Hossain Etim Market, Union: Dholoi, Thana: Hathazari,
120 Katirhat Hathazari
Abdul Hai Mansion, Holding No: 1329, Kawtoli Main Road,
121 Kawtali Brahmanbaria
Thana: Brahmanbaria Sadar, District: Brahmanbaria
East Buchpur, Union: Buchpur, Thana: Buchpur, District:
122 Kazirhat Fatikchari
Chattogram

Chattogram Division
Probashi Tower, Khaja Road, Thana: Chandgaon, District:
123 Khaja Road Panchlaish
Chattogram
124 Khilpara Bazar Chandraganj Wahab Plaza, Village: Khilpara, Thana: Chatkhil, District: Noakhali
Holding No: 34-35, Block: A, Thana Road, Thana: Akbar Shah,
125 Koibulladham Alankar Moor
S.M. Market, Komol Munshir Hat, Union: 16 No. Kochuai, Thana:
126 Komol Munshir Hat Patiya
Patiya, District: Chattagram
NC Tower, Korbaniganj Road, Road No: 278/302, Thana: Kotwali,
127 Korbaniganj Khatunganj
Kashem Manjil, Holding No: 28, Kotbari Road, Thana: Sadar
128 Kotbari Cumilla
South, District: Cumilla
Amin Plaza, Krishnanagar Bazar, Union: Krishnanagar, Thana:
129 Krishnanagar Bazar Brahmanbaria
Nobinagar, District: Brahmanbaria
Prottasha Tower, Holding No: 631/1238, Baizid Than Road,
130 Kunjachaya CDA Avenue
Thana: Baizid, District: Chattogram
131 Kuti Chowmohani Akhaura Kuti Bazar, Union: Kuti, Thana: Kasba, District: Brahmanbaria
Laksham Junction Sofura Mansion, Holding No.: 666/1, Laksham Station Road,
132 Laksham
Station Road Thana: Laksham, District: Cumilla.
A.S Bhuyan Plaza, Lakshmanpur, Union: 07 No. Lakshmanpur,
133 Lakshmanpur Bazar Laksham
Thana: Monohorgonj, District: Cumilla
Holding No: 925/992, Jail Road, Thana: Kotwali, District:
134 Laldighi Khatunganj
Chattogram
Ashuganj Char Lalpur, Union: Lalpur, Thana: Ashuganj, District:
135 Lalpur-Brahmanbaria
Brahmanbaria
Sir Ekramul Haque Super Market, Lashkarhat, Union: Chanua,
136 Laskarhat Feni
Thana: Feni Sadar, District: Feni
Arif Market-2, Link Road, Union: Jhilongza, Thana: Cox’s Bazar
137 Link Road-Cox’s Bazar Cox’s Bazar
Sadar, District: Cox’s Bazar
Al Hossain Shopping Mall, Lohagara, Union: 6 No Lohagara,
138 Lohagara Keranihat
Thana: Lohagara, District: Chattogram-4396
Abdul Haque Market, Madanhat, Thana: Fathepur, District:
139 Madanhat Hathazari
Chattogram.
GN Tower, Holding No: 504/763, D.T. Road, , Thana: Sadarghat.
140 Madarbari Shah Amanat Market
Sarkar Mansion, Madhaiya Bazar, Union: Madhaiya, Thana:
141 Madhaiya Bazar Chandina
Chandina, District: Cumilla
Madunaghat, Union: 13No. South Madarshah, Thana: Hathazari,
142 Madunaghat Noju Miah Hat
Noakhali Pouro Super Market, Maijdee Main Road, Maijdee
143 Maijdee Choumuhani
Pouroshova, Thana: Sudharam, Noakhali
Habib Tower, Holding No: 729, Maijdee Road, Pauroshova:
144 Maijdee Bazar Choumuhani
Maijdee, Thana: Noakhali Sadar, District: Noakhali
Haque Tower, Mandari Bazar, Union: 14 No Mandari, Thana:
145 Mandari Bazar Laxmipur
Chandraganj, District: Laxmipur
Bhai Bhai Super Market, Maniker Char, Union: Maniker Char,
146 Manikerchar Bazar Gouripur Bazar
Thana: Meghna, District: Cumilla
Area: Manoharganj, Union: Maisatua, Thana: Manoharganj,
147 Manoharganj Laksham
District: Cumilla.
148 Manu Fakir Bazar Keranihat Boro Hatiya, Thana: Lohagora, District: Chattogram

Chattogram Division
Hazrat Shah Mujibullah (R.A.) Market, Choumuhani, Marium
149 Marium Nagar Naju Miah Hat Nagar, Union: Marium Nagar, Thana: Rangunia, District:
Chattogram
Matarbari New Market, Matarbari, Union: Matarbari, Thana:
150 Matarbari Moheshkhali Chakaria
Moheskhali, District: Cox’s Bazar
NAM Tower, Holding No: 556, Abdul Latif Road, Thana: Matlab
151 Matlab Dakshin Kachua
Dakshin, District: Chandpur
Shahrasti Plaza, Major (Bir Uttam) Rafiqul Islam Sarak, Thana:
152 Meher Kalibari Kachua
Shahrasti, District: Chandpur
Shahin City Center, Mirzakhil Bangla Bazar Uttar Matha, Union:
153 Mirzakhil Keranihat
Sonakania, Thana: Satkania, District: Chattogram
Mohammadpur Ismail Mostak Mansion, Holding No: 423/830, Mohammadpur Road,
154 Chawk Bazar
Colony Thana: Panchlaish, District: Chattogram
155 Mohichail Chandina Haji Jabbar Market, Mohichail, Thana: Chandina, District: Cumilla
Aziz Plaza, Mohonpur Bazar, Union: 16 no. Mohonpur, Thana:
156 Mohonpur Bazar Chandina
Debidwar, District: Cumilla
Jatri Chaouni Cum Super Market, Mudaforganj, Thana: Laksam,
157 Muddafarganj Laksham
District: Cumilla
Salam Building, Arakan Road, Thana: Patiya, District:
158 Munsef Bazar Patiya
Chattogram-4370.
159 Munshir Hat Miah Bazar Munshir Hat Bazar, Thana: Chauddagram, District: Cumilla-3550
Hazi A. K. Eastern Plaza, Muradnagar, Thana: Muradnagar,
160 Muradnagar Companiganj
District: Cumilla
Three Star Plaza, Musapur Banglabazar, Union: Musapur, Thana:
161 Musapur-Banglabazar Choumuhani
Companiganj, District: Noakhali-3850
Kabir Tower, Holding No: R-307, Naikhongchari, District:
162 Naikhongchari Cox’s Bazar
Bandarban
Abdul Barek Shopping Comple, Purba Battagram, Union: Nalghor,
163 Nalghar Miah Bazar
Thana: Chouddagram District: Chouddagram
Bhai Bhai Market, Nandanpur Bazar, Union: 2 no Budhol, Thana:
164 Nandanpur Brahmanbaria
Brahmanbaria Sadar, District: Brahmanbaria.
Khan & Rahman Super Market, Holding No.: 089-00, Boro Masjid
165 Nangalkot Laksham
Road, Thana: Nangalkot, District: Cumilla
Smart Tower, Napora Bazar, Thana: Banskhali, District:
166 Napura Chakaria
Chattogram
Fatikchari Haji Mohammad Sarwar Shopping Center, Narayanhat, Union:
167 Narayanhat
Narayanhat, Thana: Bhujpur, District: Chattogram-4355.
S.M. Plaza, Narayanpur, Union: 3 no Khaderjaon Union, Thana:
168 Narayanpur Bazar Gouripur Bazar
Matlab (South), District: Chandpur.
169 Nasirnagar Brahmanbaria Nasirnagar, Thana: Nasirnagar, District: Brahmanbaria.
Abu Azad Dealer Complex, Natherpetua, Union: Natherpetua,
170 Natherpetua Laksham
Thana: Monohorganj, District: Cumilla
171 Nawabpur Kachua Nawabpur, Thana: Chandina, District: Cumilla
Taher Mansion, Holding No: 4507, RoPort Connecting Road,
172 Naya Bazar Alankar Moor
Thana: Pahartoli, District: Chattogram
Siddik Bhaban, Nayanpur Bazar, Union: Bayek, Thana: Kasba,
173 Nayanpur Bazar Akhaura
District: Brahmanbaria-3460
Mascot Plaza, Nayergaon, Union: Nayergaon, Thana: Matlab,
174 Nayergaon Gouripur Bazar
District: Chandpur.

Chattogram Division
Gulshan Plaza, Khagrachari Road, Thana: Fatikchari, District:
175 Nazirhat Fatikchari
Chattogram
A K Gafur Sarkar Plaza, Nimsar, Union: 7 no. Mokam, District:
176 Nimsar Bazar Moynamoti
Cumilla
Sikder Plaza, Noajishpur, Union: 15 No. Noajishpur, Thana:
177 Noajishpur Fatikchari
Raozan, District: Chattogram.
Haji Akhtaruzzaman Super Maket, Holding No.:00796, Court
178 Nobinagar Brahmanbaria
Road, Thana: Nobinagar, District: Brahmanbaria
Jahan Center, Holding No.: 3669/C, Bangabandhu Avenue,
179 Oxygen Moor Noju Miah Hat
Thana: Baizid Bostami, District: Chattogram
180 P. C. Road Sheikh Mujib Road Siddique Square, P.C. Road, Thana: Bandor, District: Chattogram
Kamal Mansion, Holding No- 0034, Paadhuar Bazar, Laksam
181 Paaduar Bazar Cumilla
Road, Cumilla City Corporation, Cumilla
Hazi Rashid Maket (market), Padua, Thana: Lohagora, District:
182 Padua Keranihat
Chattogram
Mortaza Kabir Tower, Building No.: 945, DT Road, Thana: Double
183 Pahartoli Sheikh Mujib Road
Muring, District: Chattagram.
Nawal Hill Crest, Holding No.: 24/35, Hathazari Road, Thana:
184 Panchlaish Chawk Bazar
Panchlaish, District: Chattogram.
Mid-Point Plaza, Holding No.: 143, Feni Porshuram main Road,
185 Parshuram Feni
Thana: Parshuram, District: Feni.
Nazimuddin Market, House No.: 457/A, Ashraf Ali Road, Thana:
186 Patharghata Khatunganj
Kotwali District: Chattogram
Sadman Market, Alhaz Kabira Ahmed Chowdhury Bazar, Thana:
187 Pekua Chakaria
Pekua, District: Cox’s Bazar
Awolia Market, Holding No: 3698/A/5774, Arakan Road, Thana:
188 Puratan Chandgaon Chawk Bazar
Chandgaon, District: Chattogram
Rokeya Tower, Holding No-459/395, Shasongacha Road, ,
189 Racecourse Cumilla
Cumilla
Azim Tower, Holding No: 3091/4533 (Old: 16/94, 30/91), KB
190 Rahattar Pool Khatunganj
Aman Ali Road, Thana : Bakolia District : Chattogram
Kamal Tower, Bolora, Union: Rahimanagar, Thana: Kachua,
191 Rahima Nagar Kachua
District: Chandpur.
Rampur New Market, Holding No: 932, Haiderganj, Thana:
192 Raipur Laxmipur
Raipur, District: Laxmipur
Zakaria Bhaban, Rakhalia Bazar, Union: 4 No Sonapur, Thana:
193 Rakhalia Bazar Laxmipur
Raipur, District: Laxmipur
Alamin Market, Ram Mohan Bazar, Union: 03 no. Uttar
194 Ram Mohan Chandina
Khoshbash, Thana: Borura, District: Cumilla.
Ramchandrapur, Union: Ramchandrapur, Thana: Bangora,
195 Ramchandrapur Bazar Companiganj
District: Cumilla
Ramganj New Market, Holding Name: 352, Patbazar Road, Thana:
196 Ramganj-Laxmipur Laxmipur
Ramganj, District: Laxmipur
Adiba Mansion, Ramkrishnopur, Union: 4 no Chander Char,
197 Ramkrishnopur Gouripur Bazar
Thana: Homna, District: Cumilla.
Chairman Paradise, Ramu Upazilla Parishad Gate, Union:
198 Ramu Cox’s Bazar
Fotehkhanrkul, Thana: Ramu, District: Cox’s Bazar.
BCCUL Somobai Market, Chottagram-Kaptai Highway, Thana:
199 Rangunia Naju Miah Hat
Rangunia,. District: Chattogram

Chattogram Division
Piyal Plaza, Holding No. 555/776, Ranir Bazar Main Road,
200 Ranir Bazar Cumilla
Upazilla/Thana: Adarsha Sadar, District: Cumilla
201 Ranirhat Rangamati Ranirhat, Thana: Rangunia, District: Chattogram
Alam Plaza, Holding No.: 785, Pourashava Road, Thana: Raozan,
202 Raozan Hathazari
Rejia Nahar Complex, Kanchannagar, Union: Kanchannagar,
203 Rawshanhat Patiya
Thana: Chandanaish, District: Chattogram
Lake City Shopping Complex, House No: 310 Reserve Bazar
204 Reserve Bazar Rangamati
Main Road, Rangamati District: Rangamati
Jaker Shopping Center, Rustomhat Bottoli, Union: 4 No Bottoli,
205 Rustomhat Anwara
Thana: Anowara, District: Chattogram
Maa Tower, Sachar Bazar, Union: 1 No. Sachar, Thana: Kachua
206 Sachar Bazar Kachua
District: Chandpur
Four Star Tower, Holding No: 141/153 , Sadarghat Road, Thana:
207 Sadarghat Road Shah Amanat Market
Sadarghat , District: Chattogram
Sankuchail Maddhyapara, Union: Rajapur, Thana: Burichong,
208 Sankuchail Bazar Cumilla
District: Cumilla
Sarak Bazar Road, Upazilla/Thana: Brahmanbaria Sadar, District:
209 Sarak Bazar Brahmanbaria
Brahmanbaria
Hasan Center Sarkerhat, Haji Safar Ali Sarkar Road (Station Road),
210 Sarkerhat Hathazari
Thana: Hathazari, District: Chattogram
211 Satghatia Pukur Par Keranihat Kabir Tower, Shobondi, Thana: Chandanaish, District: Chattogram
Satkania New Market, Satkania, Union: Paschim Dhemsha, Thana:
212 Satkania Keranihat
Satkania, District: Chattogram-4386.
Habib Tower, Sebar Hat, Union: 07 No. Mohammadpur, Thana:
213 Sebarhat Choumuhani
Senbag , District: Noakhali - 3680.
Hoque Plaza, Holding No: 993, Masjid Road, Thana: Senbag,
214 Senbag Bazar Choumuhani
District: Noakhali
Shahrasti Landmark Super Market, Holding No: 58/2, Shahrasti
215 Shahrasti Kachua
Upozila Road, Road No.: 02, Thana: Shahrasti District: Chandpur
I. K. Tower-2, Village: Shamlapur Bazar, Union: 05 No.
216 Shamlapur Bazar Cox’s Bazar
Baharchora, Thana: Teknaf, District: Cox’s Bazar-4760.
Haji Kalu Mia Super Market, Andar Char, Thana: Noakhali Sadar,
217 Shantir Hat Choumuhani
District: Noakhali-3809
Kamal Mansion and Super Market, Chittagong-Cox’s Bazar
218 Shantirhat Patiya
Highway, Thana: Patiya, District: Chattogram.
Hamid Sharif Market, Sharafvata, Union: 8 No. Sharafvata, Thana:
219 Sharafvata Noju Miah Hat
Rangunia, Dist: Chattogram
Al-Haj Emlak Hossain Chamber, Shiberhat, Union: Sarikait,
220 Shiberhat Sandip
Thana: Sandwip, District: Chattogram
Rouson Plaza, Iyarpur (Somir Munshir Hat), Union: Kabilpur,
221 Somir Munshir Hat Choumuhani
Thana: Senbag, District: Noakhali
222 Sonaimuri Bazar Choumuhani Ema Plaza, Esak Miah Road, Sonaimuri Bazar, Noakhali
Manik Tower, Holding No: 484/1, Link Road / Bypass Road,
223 Sonapur Choumuhani
Road No: 1440, Thana: Noakhali Sadar, District: Noakhali
Amin Tower, Sonar Para, Union: Jaliapalong, Thana: Ukhiya,
224 Sonar Para Cox’s Bazar
District: Cox’s Bazar.
225 Sorail Upzilla Brahmanbaria Sorail Tower, P.O -Sorail, P.S-Sorail Dist. - Brahmanbaria
Hossain Contractor, Holding No: 374, M.A. Aziz Road, Thana:
226 Steel Mill Bandartila
Patenga, District: Chattogram.

Chattogram Division
Abdul Bari Shopping Comple, Purba Battagram, Union: 5,
227 Suagonj Bazar Miah Bazar
Paschim Jorkanon, District: Cumilla
Morshed Alam Complex, Harish Chowdhury Bazar, Union: Char
228 Subarnachar Choumuhani
Jubli, Thana: Subarnachar District: Noakhali
Mujaffar Hossain Super Market, Momoruzkandi, Union: 5 No
229 Sujatpur Bazar Kachua
Durgapur, Thana: North Matlab, District: Chandpur
Holding No: 14/B, Tabalchari Road, Thana: Rangamati, District:
230 Tabalchari Rangamati
Rangamati.
231 Talshahar Ashuganj Niaz Market, Talshahar, Thana: Ashuganj, District: Brahmanbaria
Mosiduzzaman Bhaban, Tantar, District: Brahmanbaria
232 Tantar Bazar Akhaura (Mosiduzzaman Bhaban Village: Tantar, Ward No: 08, P.S.:
Akhaura, District: Brahmanbaria)
Jalal Ahmed Market, Holding No: P.D.-162, Kapla Chattar, Thana:
233 Teknaf Cox’s Bazar
Teknaf, District: Cox’s Bazar
Solaiman Company Market, Kanchannagar, Union: Kanchannagar,
234 Temohoni Bazar Fatikchari
Upozila/Thana: Fatikchari District: Chattogram
235 Teri Bazar Khatunganj S.K. Tower, Afimer Goli, Thana: Kotwali District: Chattogram.
Shilkup Barua Para, Union: Shilkup Mankirchar, Thana:
236 Time Bazar Anwara
Banshkhali, District: Chattogram-4392
Uday Sadhur Hat, Union: 1 No. Char Matua, Thana: Sadar,
237 Uday Sadhur Hat Choumuhani
District: Noakhali-3809
HK Mansion, House.: 42, Dampara, P.S- Khulshi, Dist-
238 WASA More CDA Avenue
Chattogram
Sylhet Division
Jalal Market, Adampur Bazar, Union: 7 no. Adampur, Thana:
1 Adampur Bazar Sreemangal
Kamalganj, District: Moulvibazar.
Sheikh Mansion, Gazipur, Union: 1 No. Gazipur, Thana:
2 Asampara Bazar Habiganj
Chunarughat, District: Habiganj
City Shoppy Complex, Ashirganj Bazar, Union: 10 No North
3 Ashirganj Bazar Beani Bazar
Badepasha, Thana: Golapganj, District: Sylhet
Rahman Complex, Aushkandi Bazar, Union: 05, Aushkani, Thana:
4 Aushkandi Habiganj
Nabiganj, District: Habiganj
Baniachang Abul Hossain Mansion, Nandipara, Union: 1 No Uttarpurbo
5 Habiganj
Union, District: Habiganj
Hazi Memorial Market, Barlekha Road, Thana: Baralekha, District:
6 Barlekha Juri
Moulvibazar
Bhoirab Bazar-
7 Sreemangal Majdihi, Union: Kalapur, Thana: Sreemangal, District: Moulvibazar.
Sreemangal
8 Boroikandi Sylhet Habib Complex, Bangabir Road, Tha: South Surma, Dist: Sylhet
M A Market, Brahman Bazar, Union: 5 No. Brahman Bazar, Thana:
9 Brahman Bazar Juri
Kulaura, District: Moulvi Bazar
Sayed Morshad kamal Market, Chatian, Thana: Madhabpur,
10 Chatian-Madhabpur Madhabpur
District: Habiganj.
Choumuhani Bazar - Alaboxpur, Union: 2 No Choumuhani, Thana: Madhabpur,
11 Madhabpur
Madhabpur District: Habiganj
Nironjon City Market, Holding No: 095/00, Moddho Bazar Road,
12 Chunarughat Habiganj
Upazilla: Chunarughat, District: Habiganj

Sylhet Division
Alif Atraf Center, Holding No: 6463-6464, Court Station Road,
13 Court Station Road Habiganj
Upazilla: Habiganj Sadar, District: Habiganj
Obeaydullah Complex, Dharmaghar Maddho Bazar, Union:
14 Dharmaghar Bazar Madhabpur
Dharmaghar, Thana: Madhabpur, District: Habiganj.
Monir & Raja Shopping Complex, Fenchuganj Bazar, Thana:
15 Fenchuganj Uposhohor
Fenchuganj, District: Sylhet.
Shams Tower, Sylhet-Zakiganj Road, Thana: Golapganj, District:
16 Golapganj-Sylhet Sylhet
Sylhet
Hazi Md. Azir Uddin Market, Area: Gowainghat Bazar, Daag
17 Gowainghat Bazar Sylhet No:B.S.-939, Khatiyan No: B.S.-286, Mouz: Gowain, Union: West
Jaflong, Thana: Gowainghat, District: Sylhet.
Labu Chairman Market, Mamar Bazar, Union: 3 No. East Jaflong,
18 Jaflong Sylhet
Thana: Gowainghat, District: Sylhet
Maa Market, Jaintapur, Union: Jaintapur, Thana: Jaintapur,
19 Jaintapur Sylhet
District: Sylhet
20 Jitu Miah’s Point Sylhet Baksh Tower, V.I.P Road, Thana: Sylhet District: Sylhet
Ekanto Neketon, Shornoshika – 156/157, Kadamtali, Sylhet
21 Kadamtoli Sylhet
Sadar, Sylhet
Vanugach, Union: Vanugach, Thana: Komolganj, District: Moulvi
22 Kamalganj Sreemangal
Bazar
Madina Market, Kanaighat Road, Thana: Kanaighat, District:
23 Kanaighat Bazar Sylhet
Sylhet
Al Mobaraka Shopping Center, Khadimpur, Union: Omarpur,
24 Khadimpur Bazar Goala Bazar
Thana: Osmani Nagar, District: Sylhet.
Amin Tower, Holding No: 241, Airport Road, Upazilla: Sylhet
25 Khasdobir Point Ambarkhana
Sadar, Thana: Airport, District: Sylhet
S.A. Shopping Center, Holding No: 217, Kulaura Borolekha
26 Kulaura Juri
Highway, Thana: Kulaura, District: Moulvi Bazar
27 Lama Bazar Ambarkhana H.F. Center, Lama Bazar Road, Thana: Kotowali, District: Sylhet
Siddiqueyi Mansion, Islampur, Mouza: Debpur, Union: 4 No.
28 Majortila Ambarkhana
Khadimpara, Thana: Shahporan, District: Sylhet
Ibrahim Plaza, Mirpur Bazar, Union: Mirpur Bazar, Upozila:
29 Mirpur Bazar Habiganj
Bahubal, District: Habiganj
Taj Mansion, Sylhet - Sunamganj Highway, Thana: Kotowali,
30 Modina Market Subid Bazar
District: Sylhet
Afjalpur, Union: 3 No. Bohora, Upozila: Madhabpur, District:
31 Montola Bazar Madhabpur
Habiganj
32 Nabiganj Upozilla Habiganj Sherpur Road, Thana: Nabiganj, District: Habiganj
Noorjahan Market, Noapara, Union: Etakhola, Upozila:
33 Noapara Bazar Madhabpur
Madhabpur, District: Habiganj
Sardar Complex, Olipur, Union- 11 No- Brahamandura,
34 Olipur Highway Habiganj
Shaestaganj, Hobiganj
Osmani Medical Raj Complex, Sonar Bangla-1, Holding No: 503/1, West Kajol
35 Subid Bazar
College Road Shah Road, Thana: Kotowali, District: Sylhet
Phandauk Bazar Jame Masjid Market, Phandauk, Upozila:
36 Phandauk Bazar Madhabpur
Nasirnagar, District: Brahmanbaria
HR Complex, Pirijpur, Union: Boroikandi, Upozila: South Surma,
37 Pirijpur Sylhet
District: Sylhet.
Sharif Complex, Holding No: 3656, Puran Munsafi Road, Thana:
38 Puran Munsafi Road Habiganj
Habiganj, District: Habiganj
Moulvi Bazar (Dist.) Sarkar Bazar, Union: 2 No. Manumukh, Thana: Moulvibazar Sadar,
39 Sarkar Bazar Bus Stand
District: Moulvibazar.

Sylhet Division
Taslim Uddin Shopping Mahal, Village: Shahabajpur Union: 4
40 Shahabazpur Beani Bazar
North Shahabajpur, Upozila: Borolekha, District: Moulvi Bazar.
Holding No-0324-00, Daudnagar Bazar, Shahestaganj
41 Shahestaganj Bazar Habiganj
Pourashava, Habiganj Sadar, Habiganj
Hussain Plaza, Shamsher Nagar, Union: 4 No. Shamsher Nagar,
42 Shamsher Nagar Moulvi Bazar (Dist.) Upazilla: Komolganj, Police Station: Shamsher Nagar-3223, Dist:
Moulvi Bazar.
Hamila & Naima Complex, Sherpur, Union: Sherpur, Thana:
43 Sherpur-Sylhet Goala Bazar
Moulvibazar Sadar, District: Moulvibaza
Nahar Tower, Holding No: 760, Tamabil Road, Thana: Shahjalal,
44 Shibganj Bazar Uposhohor
District: Sylhet
45 Sylhet Station Road Sylhet Railway Road, Thana: South Surma, District: Sylhet.
Irshad Ali Shopping City, Tajpur, Union: Tajpur, Upozila: Osmani
46 Tajpur Goala Bazar
Nagar, District: Sylhet
RP (Rouf-Piara) Tower, Mitali R/A, House No.:156, TB Gate Main
47 TB Gate-Sylhet Sylhet
Road, Thana: Kotwali, District: Sylhet.
Moulvi Bazar (Dist.) Haque Plaza, Tengra Bazar, Union: 6 no Tengra, Thana: Rajnagar,
48 Tengra Bazar
District: Moulvibazar
Mokbul Hossain Market, Shahapur Khuromkhola, Tuker Bazar,
49 Tuker Bazar Subid Bazar
Upozila: Sylhet Sadar, District: Sylhet
Umednagar Shilpa Badar Jahan Complex, Holding No: 1144/1, Habiganj-Baniachong
50 Habiganj
Elaka Road, Thana: Habiganj, District: Habiganj
Khulna Division
Sattya Narayan Mandir, Thakur Bari Road, Upazilla/Thana:
1 Alamdanga Poradah
Alamdanga, District: Chuadanga
Holudbaria/ Allahar Dorga, Union: Piyarpur, Upazilla: Daulatpur,
2 Allahar Dorga Kushtia
District: Kushtia
F Karim Super Market, Amla Bazar, Mouza: Amla, Thana: Mirpur,
3 Amla Bazar Poradah
District: Kushtia
Andulbaria, Union: Andulbaria, Thana: Jibannagar, District:
4 Andulbaria Bazar Darshana
Chuadanga-7222.
Rahima New Market, Asmankhali, Union: Asmankhali, Thana:
5 Asmankhali Bazar Darshana
Alamdanga, District: Chuadanga-7201.
6 Badhal Bazar Bagerhat Badhal Bazar, Upazilla: Badhal, District: Bagerhat.
Baganchra Chand Super Market, Baguri, Union: Kaiba Thana: Sharsha
7 Benapole
District: Jashore
Hazi Super Market, Holding No.: 238, Bagherpara Main Road,
8 Bagherpara Jashore
Bagherpara, Thana: Bagherpara, District: Jashore
Bishas Tower, Bamundi, Union: Bamundi, Thana: Gangni, District:
9 Bamundi Kushtia
Meherpur-7110
B.M. Plaza, Alipur, Union: Bankra, Thana: Jhikargacha, District:
10 Bankra Benapole
Jashore
Anas New Market, Baradi Bazar, Thana: Meherpur Sadar, District:
11 Baradi Bazar-Meherpur Darshana
Meherpur-7100.
Barobazar, Union: 9 No Barobazar, Upazilla: Kaliganj, District:
12 Barobazar Kaliganj
Jhenaidah.
Basundia, Union: Basundia, Thana: Jashore Sadar, District:
13 Basundia More Noapara
Jashore.

Khulna Division
Akter Chamber, Hetal Bunia, Union: 2 No Batiaghata, Upazilla:
14 Batiaghata Khulna
Batiaghata, District: Khulna.
Bhai Bhai Tower, Bhatai Bazar, Union: 14 No. Dudhshar, Thana:
15 Bhatai Bazar Kaliganj
Shailokupa, District: Jhenidah.
Dr. Abdus Sobahan Market, Building No.:240/1, High Road,
16 Bheramara Kushtia
Thana: Bheramara, District: Kushtia
Sahanaz Complex, Holding No: 27/14 G, Mujgunni Highway
17 Boyra Sonadanga
Road, Thana: Sonadanga, District: Khulna.
Brahmarajpur Bazar- Mallik Super Market, Brahmarajpur, Union: Brahmarajpur, Thana:
18 Satkhira
Satkhira Satkhira Sadar, Distict: Satkhira
Holding No: 0415-00, Chalna-Khulna Main Road, Thana: Dacope,
19 Chalna Bazar Khulna
District: Khulna
Mayesha Plaza, Chitalmari Bazar, Union: Chitalmari, Thana:
20 Chitalmari Bazar Bagerhat
Chitalmari, District: Bagherhat.
Holding No: 2400, Kushtia-Jhenaidah Road, Thana: Kushtia Sadar
21 Chourhash Kushtia
, District: Kushtia
Holding No.: 00329-01, Jhikargacha Road, Thana: Chowgacha,
22 Chowgacha Bazar Jashore
District: Jashore.
Khondoker Palace, Holding No.:14, Puraton Hospital Road,
23 Chuadanga Darshana
Thana: Chuadanga, District: Chuadanga
Hamidur Shopping Complex, Chuknagar, Union: Atlia, Thana:
24 Chuknagar Bazar Khulna
Dumuria, District: Khulna
Hazi Abdus Shobahan Market, Chutipur, Union: Ganganadapur,
25 Chutipur Bazar Benapole
Thana: Jhikargacha, District: Jashore
Dak Bangla Bazar, Union: 1 No. Shadhuhati, Thana: Jhenaidah
26 Dak Bangla Bazar Kaliganj
Sadar, District: Jhenidah
Moslem Plaza, Damurhuda, Thana: Damurhuda, District:
27 Damurhuda Darshana
Chuadanga-7220
Gulmohal, Holding No: 433/4, Jashore Lower Road, Thana:
28 Daulatpur Khulna
Daulatpur, District: Khulna.
E. M. Market, Digraj, Union: Burirdanga, Thana: Mongla, District:
29 Digraj Bagerhat
Bagerhat
Sabitri Super Market, Argi Shajiara, Upazilla: Dumuria, District:
30 Dumuria Khulna
Khulna.
31 Fakirhat Bagerhat Attaki, Thana: Fakirhat, District: Bagerhat
Shilpi Rashid Market, Santospur, Union: Ujalkur, Thana: Rampal,
32 Foylahat Bagerhat
District: Bagerhat
M. Islam Bhaban, Fulbari Gate, Union: Jpogipol, Thana: Khan
33 Fulbari Gate Khulna
Jahan Ali, District: Khulna.
Ruposhi Bangla-2, Building No.:1134/3, Kushtia-Meherpur Road,
34 Gangni Kushtia
Thana: Gangni, District: Meherpur
35 Gobra Bazar Noapara Gobra Bazar, Union: Kolora, Thana: Narail Sadar, District: Narail
Rahul Super Market, Golapnagar Bazar, Union: Mokarimpur,
36 Golapnagar Bazar Kushtia
Thana: Bheramara, District: Kushtia-7040
A.K. Plaza, Sher-e-Bangla Road, Thana: Khulna Sadar District:
37 Gollamari Sonadanga
Khulna
Abdur Rahim Mandal Super Market, Halsha Bazar, Union: Mirpur,
38 Halsha Bazar Poradah
Upazilla: Kusthia, District: Kusthia.
Arjan Commissioner Super Market, Holding No.: 0198,
39 Harinakunda Kaliganj
Ayezuddin Mor Road, Thana: Harinakunda, District: Jhenaidah.

Khulna Division
Sadhinota Market, Harinarayanpur, Dag No: RS-7676, Mutation
40 Harinarayanpur Kushtia Khatian No:1456, Union: Harinarayanpur, Upazilla: Kushtia,
District: Kushtia.
Chairman Market, Hatgopalpur, Union: 11 No Padmakar, Thana:
41 Hatgopalpur Kaliganj
Jhenaidah Sadar, District: Jhenaidah
Altaf Market, Kolabagan, Union: 7 No. Churamonkathi, Thana:
42 Jashore Kolabagan Jashore
Jashore Sadar, District: Jashore
Jashore University of
Shamnagar, Union: Churamonkathi, Thana: Kotwali, District:
43 Science and Technlogy Jashore
Jashore
(JUST)
Jatrapur, Union: Jatrapur Union, Upazilla: Jatrapur, District:
44 Jatrapur Bagerhat
Bagerhat.
Mufti Traders, Jhawdanga Bazar, Union: Jhawdanga, Thana:
45 Jhawdanga Bazar Satkhira
Satkhira Sdara, District: Satkhira
Holding No.: 42/1, Road No.: 13, She-E-Bangla Road, Thana:
46 Jhenaidah Sadar Kaliganj
Jhenaidah Sadar, District: Jhenaidah.
Arnob Super Market, Hodling No: 0561-00, Jhikargacha-
47 Jhikargacha Benapole
Benapole Road, Thana: Jhikargacha, District: Jashore
Tiptop Tower, Changkhali Road, Thana: Jibannagar, District:
48 Jibannagar Darshana
Chuadanga-7230
Khukhur Bari Super Market, Holding No: 554, Jashore-Satkhira
49 Kalaroa Satkhira
Highway, Thana: Kalaroa, District: Satkhira
Mofazzel & Rozina Hossain Shopping Complex, Nasirpur, Union:
50 Kapilmuni Satkhira
Kapilmuni, Thana: Paikgacha, District: Khulna.
Jabbar Market, Moksed Ali Biswas Road, Thana: Keshabpur,
51 Keshabpur Bazar Noapara
District: Jashore.
Khajanagar Bazar, Union: Battali, Thana: Kushtia Sadar, District:
52 Khajanagar Bazar Poradah
Kushtia
53 Khoksha Poradah Thana Road, Thana: Khoksha District: Kushtia
Alek Mansion, Holding No.: 186 (11), New Market Road, Thana:
54 Khulna New Market Boro Bazar
Sonadanga, District: Khulna.
55 Koiya Bazar Khulna Koiya Bazar, Union: Jalma, Upazilla: Botiaghata, District: Khulna.
Farhad Market, Dudhsora Road, Thana: Kotchandpur, District:
56 Kotchandpur Kaliganj
Jhenaidah
Matri Bhaban, Kulia Bazar, Union: 1 no. Kulia, Thana: Debhata,
57 Kulia Bazar Satkhira
District: Satkhira
Amin Plaza, Building No.: 45, Hazrat Sona Bondhu Shah Sarak,
58 Kumarkhali Kushtia
Thana: Kumarkhali, District: Kushtia.
59 Kushtia Mirpur Bazar Poradah Holding No: 127, Zia Sarak, Thana: Mirpur, District: Kushtia.
Mukti Kunja, Holding No: 74-106, Labonhara Main Road, Thana:
60 Labonchara Bazar Sonadanga
Khulna Sadar, District: Khulna.
Mongol Shah New Market, Holding No.: 122, Nur Uddin Ahmed
61 Lahini Bottola Kushtia
Road, Thana: Kushtia Sadar, District: Kushtia
Taleb Tower, Natun Vukta Malithia, Union: Dhalhorachandra,
62 Langalbandha Jashore
Thana: Shailokupa, District: Jhenaidah
Mollah Shopping Complex, Lohagara Bazar Road, Thana:
63 Lohagara Bazar Jashore
Lohagara, District: Narail.
Ovi Plaza, Holding No: 54, Jashore-Maheshpur Highway, Thana:
64 Maheshpur Kaliganj
Maheshpur, District: Jhenaidah

Khulna Division
Ankur Super Markte, Maijpara Bazar, Union: Madhyapalli, Thana:
65 Maijpara Bazar Noapara
Narail, District: Narail
66 Meherpur Sadar Kushtia Kalam Market, Main Road, Thana: Meherpur, District: Meherpur
Mohajan Bazar, Union: Mouli, Thana: Mohajan, District:
67 Mohajan Bazar Noapara
Norail-7521.
Mohammadpur- Sathi Tower-2, Mohammdpur, Thana: Mohammadpur, District:
68 Jashore
Magura Magura.
Khulna Habib Tower, Sheikh Abdul Hai Road, Thana: Mongla, District:
69 Mongla Bazar
Bagerhat.
Holding No.: 07, Jashore-Narail Road, Thana: Jashore Sadar,
70 Monihar Bus Stand Jashore
District: Jashore
Bari Super Market, Holding No.: 28800, Jashore Satkhira Main
71 Monirampur Noapara
Road, Thana: Monirampur, District: Jashore
Rajnish Bhaban, Holding Name: 15, Morrelganj Bazar Road,
72 Morrelganj Bagerhat
Thana: Morrelganj, District: Bagerhat
Islam Tower, Holding No: 22, K.D.A. Avenue Road, Thana:
73 Moylapota Sonadanga
Sonadanga, District: Khulna
Haque Tower, Holding No: N-71, 72 & 73, Mujgunni Highway,
74 Mujgunni Boro Bazar
Thana: Khalishpur, District: Khulna.
Huda Plaza, Village: Kedarganj Bazar, Union: Bagawaun, Thana:
75 Mujibnagar Darshana
Mujibnagar, District: Meherpur-7102
Sikder Complex, Holding No.: 0662/01, Narail-Jashore Main
76 Narail Sadar Jashore
Road, Thana: Narail Sadar, District: Narail.
Alhaz Amir Hossain Market, Navaron Rail Bazar, Union: 10 No.
77 Navaron Benapole
Sharsha, Thana: Sharsha, District: Jashore.
78 Nehalpur Bazar Noapara Nehalpur, Union: Nehalpur, Thana: Monirampur, District: Jashore.
Wazed Tower, Holding No: C-6 & C-7, Sher-e-Bangla Road,
79 Nirala Khulna
Thana: Khulna Sadar, District: Khulna
Dipro Super Market, Holding No: 0739, Nurbag Road, Thana:
80 Nurbag Main Road Noapara
Abhaynagar, District: Jashore
Matri Nibash, Holding No: 20, Paikgacha Main Road, Thana:
81 Paikgacha Satkhira
Paikgacha, District: Khulna
Shahid Mosiur Rahman Road, Road No: 01, Thana: Jashore Sadar,
82 Palbari Moor Jashore
District: Jashore
Quadery Super Market, Holding No: 14, 14 no. R A Khan Road,
83 Panch Raster More Kushtia
Thana: Kushtia, District: Kushtia
Shakhipur, Union: 3 No Shakhipur, Thana: Debhata, District:
84 Parulia Bazar Satkhira
Satkhira
85 Patkelghata Satkhira Patkelghata, Union: Sorulia, Thana: Patkelghata, District: Satkhira
Sayeed Super Market, Pulerhat Bazar, Union: Arabpur, Thana:
86 Pulerhat Jashore
Jashore Sadar, District: Jashore
Radhanagar, Union: 6 No. Kadirpara, Thana: Sreepur, District:
87 Radhanagar Bazar Jashore
Magura
Heron Super Market, Rupdia, Union: Norendrapur, Thana:
88 Rupdia Bazar Jashore
Kotwali, District: Jashore
89 Rupsha Ghat Khulna Baghmara, Union: Noihati, Thana: Rupsha, District: Khulna.
Holding No.: 47/4, Rupsha Strand Road, Thana: Khulna Sadar,
90 Rupsha Stand Road Boro Bazar
District: Khulna.

Khulna Division
Gazi Shopping Complex, Sachibunia, Union: Jalma, Thana:
91 Sachibunia Bazar Sonadanga
Lanbonchora, District: Khulna
N. S. Market, Village: Sachilapur, Union: Sreepur, Thana: Sreepur,
92 Sachilapur Bazar Jashore
District: Magura
Momotaj Market, Sarajganj Bazar, Union: Kutubpur, Thana:
93 Sarajganj Bazar Darshana
Chuadanga Sadar, District: Chuadanga
Haider Ali Super Market, Satmail Bazar (Barinagar), Union: 10 No.
94 Satmail Bazar Jashore
Hoibatpur, Thana: Jashore Sadar, District: Jashore
Imam City Plaza, Aichgati, Union: Aichgati, Thana: Rupsha,
95 Sener Bazar Khulna
District: Khulna
Babar Plaza, Holding No.: 3939, Shailkupa Bazar Road, Thana:
96 Shailkupa Bazar Kaliganj
Shailkupa, District: Jhenaidah.
Saif Super Market, Sheikhpara Bazar, Union: 1 No. Tribeni,
97 Sheikhpara Bazar Kushtia
Upazilla: Shoilokupa, District: Jhinaidah
Sheikhpara Power Holding No.: 171, B.K Roy Road, Thana: Sonadanga, District:
98 Sonadanga
House Khulna
Sardar Shopping Mall, Shimakhali, Thana: Shalikha, District:
99 Shimakhali Bazar Jashore
Magura
Shaikat-Shaishab Super Market, Sreepur, Thana: Sreepur,
100 Sreepur-Magura Jashore
District: Magura
Parul Tower, Holding No: 0011-00, Anwar Yusuf Road, Thana:
101 Trimohoni Bazar Poradah
Kushtia Sadar, District: Kushtia
Mollah Bari Market, Vatpara Bazar, Union: Baghutia, Thana:
102 Vatpara Bazar Noapara
Abhaynagar, District: Jashore.
Rajshahi Division
Ambiya Plaza, Holding No: 398, Thana More, Thana: Durgapur,
28 Durgapur Bazar Baneshwar
District: Rajshahi
Jinnah Super Market, Ekdanta Bazar, Union: Atghoria, Thana:
29 Ekdanta Bazar Pabna
Atghoria, District: Pabna.
30 Enayetpur-Sirajganj Belkuchi Al Hera, Enayetpur Bazar, Thana: Enayetpur, District: Sirajganj
Holding No: 750, Road No: 02, Ward No: 02, Thana: Gabtoli
31 Gabtoli Upozila Bogura
District: Bogura.
G.S. Tower, Holding No: 443, Amnura Road, Thana: Godagari,
32 Godagari Chapai Nawabganj
District: Rajshahi
33 Godarpara Bogura Santahar Road, Thana: Sadar Thana, District: Bogura
Jannatul Plaza, Holding No: 230, Puraton Bus Stand Road, Thana:
34 Gurudashpur Taherpur
Gurudaspur, District: Natore.
Mondol Plaza, Harina Pipul Baria Bazar, Union: Rotonkandi,
35 Harina Pipulbaria Belkuchi
Thana: Sirajganj Sadar, District: Sirajganj
Sayeed Super Market, Hatgangopara, Union: Auchpara, Thana:
36 Hatgangopara Taherpur
Bagmara, District: Rajshahi
S.M.K Bhaban, Holding No: 1121-1122, Station Road, Thana:
37 Ishwardi Pabna
Ishwardi, District: Pabna.
Bijoy Vaban, Jamalganj Bazar, Union: Rukindipur, Thana: Akkelpur,
38 Jamalganj-Joypurhat Joypurhat
District: Joypurhat.
Nazrul Plaza, Jamtoil, Union: Jamtoil, Thana: Kamarkhanda,
39 Jamtoil Bazar Belkuchi
District: Sirajganj.

Rajshahi Division
Arafat Shopping Complex, Abadpukur, Union: Kaligram, Thana:
1 Abadpukur Naogaon
Raninagar, District: Naogaon.
Sadia Tower, Main Road-Thanar Mor, Thana: Akkelpur, District:
2 Akkelpur Joypurhat
Joypurhat
Haider Ali Super Market, Holding No: 318, Arani-Bagha Road (Joy
3 Arani Baneshwar
Bangla Mor), Thana: Bagha, District: Rajshahi
Pabna Bulu Super Market, Raghunathpur, Union: Arataikula, Thana:
4 Ataikula
Ataikula , District: Pabna
5 Badalgachi Naogaon Mustafi Plaza, Badalgachi, Thana: Badalgachi, District: Naogaon
Nur Plaza, Holding No: 09, College Raod, Thana: Bagha, District:
6 Bagha Baneshwar
Rajshahi
Banwarinagar-Faridpur Hazi Labu Pramanik Super Market, Holding No: 269, Tebunia-
7 Pabna
Upazila Baghabari Road, Thana: Faridpur, District: Pabna
Raju Tower, Hospital Road, Thana: Baraigram, District:
8 Baraigram Pabna
Natore-6430
9 Bera Kashinathpur Holding No: 734, Bera Bazar Road, Thana: Bera, District: Pabna
10 Bhawaniganj Taherpur BhawaniganJ New Market, Bhawaniganj, Taherpur, Rajshahi
Khan Complex, Holding No. 1890, Rangpur Road, Thana: Bogura
11 Biman More Bogura
Sadar , District: Bogura
Altaf Bela Plaza, Holding No. 296, S.P. Bridge Road, Thana:
12 Bogura Bou Bazar Bogura
Bogura Sadar, District: Bogura
13 Bogura Shibganj Bogura Holding No. 199,Thana Road, Thana: Shibganj, District: Bogura
Chairman Plaza, Holding No. 2066, Uposhahar Bazar Road,
14 Bogura Uposhahar Bogura
Thana: Bogura Sadar, District: Bogura
Khan Super Market, Area: Bonogram Bazar, Thana: Ataikula,
15 Bonogram Bazar Kashinathpur
District: Pabna-6601.
Azad Complex, Holding No.: A-1/1, Pabna-Natore Highway Raod,
16 Bonpara-Natore Pabna
Thana: Baraigram, District: Natore-6430
Masuma Plaza, Holding No. 766, Rangpur Road, Thana: Bogura
17 Borogola Bogura
Sadar, District: Bogura.
Ekota Plaza, Chandaikona, Union: 5 No Chandaikona, Thana:
18 Chandaikona Bogura
Raiganj, District: Sirajganj
19 Charghat Baneshwar Charghat Bazar, Union/Upizalla: Charghat, District: Rajshahi
Shams Plaza, Chatmohor Bus Stand Road, Thana: Chatmohor,
20 Chatmohor Pabna
District: Pabna.
Holding No: 626, Chelopara Road, Thana: Bogura Sadar, District:
21 Chelopara Bogura
Bogura
Rezia Plaza, Chowmashia Bazar, Union: 9 no. Cheragpur, Thana:
22 Chowmashia Naogaon
Mohadebpur District: Naogaon.
M. I. Corner, Dapunia Bazar, Union: Dapunia, Thana: Pabna
23 Dapunia Bazar Pabna
Sadar, District: Pabna.
Nurjahan Shopping Complex, Holding No: 140, Nimtoli Mor-
24 Dhamoirhat Joypurhat
Hatkhola Road, Thana: Dhamoirhat, District: Naogoan
S.S. Complex, Building No.: 523, Dhangora Bazar Road, Thana:
25 Dhangora Bazar Belkuchi
Raiganj, District: Sirajganj-6720
Moslim Khan Complex, Holding No: 255, Road Name: Sonamukhi
26 Dhunat Bogura
Road, Thana: Dhunat, District: Bogura
Haque Complex, Holding No: 631, Shantahar-Bogura Road,
27 Dhupchachia Bogura
Thana: Dupchanchia District: Bogura

Rajshahi Division
Rita Bhaban, Holding Name: 698/622, Thana Road, Thana:
40 Kahaloo Bogura
Kahaloo, District: Bogura
Holding No.: 24/1, College Road, Thana: Godagari, District:
41 Kakonhat Chapai Nawabganj
Rajshahi
iswas Tower, Kansat, Union: Kansat, Thana: Shibganj, District:
42 Kansat Chapai Nawabganj
Chapai Nawabganj
Ekram Plaza, Holding No. 8, Bhabanigonj Road, Thana:
43 Keshorhat Taherpur
Mohonpur, District: Rajshahi.
Mandal Market, Bottoil Hatkhola Road, Thana: Khetlal, District:
44 Khetlal Bazar Joypurhat
Joypurhat
Meraj Plaza, Kichak, Union: Kichak, Thana: Shibganj, District:
45 Kichak Bogura
Bogura.
Dewan Market, Lalpur, Union: Lalpur, Thana: Lalpur, District:
46 Lalpur-Natore Pabna
Natore
Bhai Bhai Market, Majhira, Union: Majhira, Thana: Shahjahanpur,
47 Majhira Bogura
District: Bogura.
Sheikh Market, Mohadevpur, Thana: Mohadevpur, District:
48 Mohadevpur Naogaon
Naogaon
Mohongonj Bazar, Union: Ganipur, Thana: Bagmara, District:
49 Mohonganj Taherpur
Rajshahi
Rokeya Market, Mokamtola, Union: Mokamtola, Thana: Shibganj,
50 Mokamtola Bogura
District: Bogura.
Tin Bhai Super Market, Holding No.: 85, Nachole-Amnura Road,
51 Nachole Bazar Chapai Nawabganj
Thana: Nachole, District: Chapai Nawabganj-6310.
Harinathpur, Union: 5 No Puranvaringa, Upazilla: Bera, District:
52 Nagarbari Kashinathpur
Pabna.
Nur Super Market, Nayanpur, Union: Haturia-Nakalia, Thana:
53 Nakalia Bazar Kashinathpur
Bera, District: Pabna
Dr. Yasin Ali Super Market, Holding No. 873, Naldanga Natore
54 Naldanga Taherpur
Road, Thana: Naldanga, District: Natore
Zahanara Plaza, Namuja Hat-Puratan Dinajpur Road, Union:
55 Namuja Hat Bogura
Namuja, Thana: Bogura Sadar, District: Bogura
Alhaz Mozibur Rahman Super Market, Bogura-Natore Highway,
56 Nandigram Bus Stand Bogura
Thana: Nandigram, District: Bogura
Rana Plaza, Holding No. 0079, Bogura Road, Thana: Natore,
57 Natore Sadar Taherpur
District: Natore
Rajshahi
58 Nawhata Bazar Holding No: 699, Agrani Bank Road, Thana: Paba Dist: Rajshahi
Nurjahan Plaza, Dhamoirhat Road, Thana: Patnitola, District:

59 Nazipur Naogaon
Naogaon-5310
Maroa Tower, Niamatpur (Teen Rastar Matha), Union: Niamatour,
60 Niamatpur Naogaon
Thana: Niamatpur, District: Naogaon
Suborno Sejuti Complex, Nimgachi, Union: Sonakhara, Thana:
61 Nimgachi Belkuchi
Raiganj, District: Sirajganj-6720.
Bashir Uddin Shopping Complex, Noymile, Union: Aria, Thana:
62 Noymile - Bogura Bogura
Shahjahanpur, District: Bogura-5801
Hazi Super Market, Paikosha Bazar, Union: Jhawoil, Thana:
63 Paikosha Bazar Belkuchi
Kamarkanda, District: Sirajganj
Domdoma Super Market, Holding No: 27-30, Joypurhat-Hilli
64 Panchbibi Joypurhat
Road, Thana: Panchbibi District: Joypurhat

Rajshahi Division
Alim Market, Village: Doyarampur, Union: Doyarampur, Thana:
65 Qadirabad Cantonment Baneshwar
Bagatipara, District: Natore
Master Super Market, Raikali Bazar, Union: Raikali, Thana:
66 Raikali Bazar Joypurhat
Akkelpur, District: Joypurhat-5942
Rajshahi
Nongor, Holding No: 143 & 144, Court Station ,Thana:
67 Rajshahi Court Bazar
Kashiadanga, Dist: Rajshahi.
Rajshahi
Nir-nirmarlow, Holding No.: 303, T.B. Road, Thana: Rajpara,
68 Rajshahi Laxmipur
District: Rajshahi.
Holding No:479, Kadirganj Dorikhorbona Road, Thana: Boalia,

69 Rajshahi Uposhahar Rajshahi
Dist: Rajshahi
Robi Shah Market, Raninagar, Union: 1 no Khotessor Raninagar,
70 Raninagar Naogaon
Thana: Raninagar, District: Naogaon
Jisan Tower, Holding No.: 179, Station Road, Thana: Gomastapur,
71 Rohanpur Chapai Nawabganj
District: Chapainawabganj
Salanga Fajil Madrasha, Salanga Bazar, Union: Gurkha, Thana:
72 Salanga Belkuchi
Salanga, District: Sirajganj
Abul Plaza, Holding No: 616, Santhia Bazar, Thana: Santhia,
73 Santhia Kashinathpur
District: Pabna
74 Sapahar Naogaon Mannan Tower, Sapahar, Thana: Sapahar, District: Naogaon
Satbaria Bazar, Union: Beltoil, Thana: Shahjadpur, District:
75 Satbaria Bazar Belkuchi
Sirajganj.
Chandralekha Super Market, Holding No.: 0361-01, BSCIC Road,
76 Shahajadpur-Sirajganj Belkuchi
Thana: Shahjadpur, District: Sirajganj
Cox’s Bazar Market, Shantahar Main Road, Thana: Adamdighi,
77 Shantahar Naogaon
District: Bogura
Yeasin Tower, Hoding No-1529, Sherpur Road, Sadar, Dist-
78 Sherpur Road Colony Bogura
Bogura.
Mizan Tower, Holding No: 2376(1) Hatkhola Road, Thana:
79 Sherpur Upozilla Bogura
Sherpur District: Bogura
Shibganj Ali Villa, Sonali Bank Road, Thana: Shibganj District: Chapai
80 Chapai Nawabganj
Nawabganj.
Siddique Plaza, Holding No: 637, Road Name: Joy Bangla Road,
81 Singra Taherpur Road No: N/A, Ward No: 08, Pourashava: Singra, Thana: Singra,
District: Natore
Nur Plaza, Holding No.: 28-29, 02 Khalifa Patty (Nazrul Sarani),
82 Sirajganj Sadar Belkuchi
Thana: Sirajganj Sadar, District: Sirajganj.
Sojib Super Market, Holding No.: 136-137, Hospital Road
83 Sujanagar Pabna
(Pabna-Sujanagar Highway), Thana: Sujanagar, District: Pabna.
Haji Haider Ali Complex, Tamai, Union: 3 no Vangabari, Thana:
84 Tamai Belkuchi
Belkuchi, District: Sirajganj
Nasima Jahurul Plaza, Tebunia, Union: Maligacha, Thana: Pabna
85 Tebunia Pabna
Sadar, District: Pabna.
Rahmat Ali C.D Super Market, Holding No.: 1139-00, Joydeb
86 Ullapara Belkuchi
Road, Thana: Ullapara, District: Sirajganj.

Barisal Division
1 Alipur Patuakhali Alipur Bazar, Union: Lotachapli, Thana: Mohipur, Dist: Patuakhali
Hasan Hossain Super Market, Holding No.: 1259, Ferighat Road
2 Amtali Chowrasta Patuakhali
,Thana: Amtali, District: Barguna
3 Amua Bazar Bhandaria Sahida Market, Amua, Thana: Kathalia, District: Jhalakathi.
Nabarur Plaza, Barisal Subidkhali Road, Thana: Bakerganj, District:
4 Bakerganj Barisal
Barisal
Nasima Begum Bhabon, Purba Sofipur, Thana: Bamna, District:
5 Bamna Bhandaria
Barguna-8730
Holding No: 56350, Bapist Mission Road, Thana: Barisal Sadar,
6 Bangla Bazar-Barisal Barisal
District: Barisal
7 Barisal Bazar Road Barisal Holding No: 309, Bazar Road, Thana: Kawnia, District: Barisal
Hotel One Tower, Holding No.: 653, Hazrat Eyanetur Rahman
8 Barisal Chawk Bazar Barisal
Road, Thana: Kotwali, District: Barisal
Altaf Hossain Plaza, Batajor, Union: Batajor, Thana: Gournadi,
9 Batajor Bazar - Barisal Barisal
District: Barisal
Talukder Bhaban, Holding No.: 63, Baufal Bazar Road, Thana:
10 Bauphal Bazar Patuakhali
Baufal, District: Patuakhali.
S K Tower, Banglabazar, Union: North Joynagor, Thana:
11 Bhola Banglabazar Bhola
Dawlatkhan, District: Bhola.
Haji Ali Akber Super Market, Holding No: R-890, Sadar Road,
12 Charfassion Bhola
Thana: Charfashion, District: Bhola.
Mujib Complex, Holding No.: 451, C & B Road, Thana: Kotwali
13 Chowmatha Barisal
Model Thana, District: Barisal.
Hazi Bhavan, Holding No: 76, Daulatkhan Sadar Road, Thana:
14 Daulatkhan Bhola
Daulatkhan, District: Bhola.
Dr. Golam Kibira Bhaban, Dhamura, Union: Sholak, Thana:
15 Dhamura Bandar Barisal
Wazirpur, District: Barisal
Ashik Plaza, Building No.: 3983, Golam Malek Mridha Road,
16 Gouranadi Barisal
Thana: Gouranadi, District: Barisal-8230.
Bhai Bhai market, Indurkani, Thana: Indurkani, District:
17 Indurkani Bazar Jhalakathi
Pirojpur-8502.
18 Kalaya Bandar Patuakhali Kalaya Bandar, Union: Kalaya, Thana: Baufal, District: Patuakhali.
Khan Monjil, Village: Kalisuri Bazar, Union: 2 No Kalisuri, Thana:
19 Kalisuri Bazar Patuakhali
Bauphal, District: Patuakhali
20 Kawkhali Jhalakathi Kawkhali, Thana: Kawkhali, District: Pirojpur
Hena Kutir,Kunjer Hat, Union: Kachiya, Thana: Borhanuddin,
21 Kunjer Hat Bhola
District: Bhola.
Aleya Comlpex, Holding No: 85, Mirukhali Road, Thana:
22 Mathbaria Bazar Bhandaria
Mathbaria, District: Pirojpur
Holding No: 2936, Khalpar Road, Thana: Biman Bandar, District:
23 Nathullahbad Barisal
Barisal
Abdul Aziz Super Market, Holding No: 118, Shahid Omar Faruq
24 Pirojpur Sadar Jhalakathi
Road, Thana: Pirojpur Sadar, District: Pirojpur
Tamim Super Market, Poranganj Bazar, Union: Kachiya, Thana:
25 Poranganj Bhola
Bhola Sadar, District: Bhola.
26 Rajapur Jhalakathi Rajapur, Thana: Rajapur, District: Jhalakati
Munshi Super Market, Shikarpur, Union: Shikarpur, Thana:
27 Shikarpur Barisal
Ujirpur, District: Barisal
Holding No.: 1697, Mondir Road, Thana: Gouronadi, District:
28 Torki Bandar Barisal
Barisal

Rangpur Division
Mamata Plaza, Choto Dap, Union: Radhanagar, Thana: Atwari,
1 Atwari Dinajpur
District: Panchagarh.
2 Badarganj Rangpur C.O. Bazar Road, Thana: Bodorgonj, District: Rangpur
Holding No: 6739, T&T Road, Thana: Dinajpur Sadar, District:
3 Bahadur Bazar Dinajpur
Dinajpur
Jamal Market, Bairchuna, Union: Bairchuna, Thana: Pirganj,
4 Bairchuna Setabganj
District: Thakurgaon-5291.
Mozaffar Super Market, Baliadangi Bazar, Union: 8 No Borobari,
5 Baliadangi Setabganj
Thana: Baliadangi, District: Thakurgaonn
Al Aqsa Market, Dewaner Khamar-College Road, Thana:
6 Bhurungamari Rangpur
Bhurungamari, District: Kurigram
Dhaka Dinajpur Highway, Upazilla/Thana: Birampur, District:
7 Birampur Dinajpur
Dinajpur.
8 Birganj Dinajpur Dhaka-Panchagarh Highway, Thana: Birganj, District: Dinajpur.
Bikrampur Tower, Holding Name: 257/9/2, Dhaka-Panchagarh
9 Boda Bazar Dinajpur
Highway, Thana: Boda, District: Panchagarh
10 Bonarpara Rangpur Isam Plaza, Bonarpara, Thana: Saghata, District: Gaibandha
Daulatpur, Union: 17 No. Jagannathpur, Thana: Thakurgaon
11 Boro Khochabari Setabganj
Sadar, District: Thakurgaon-5100
Sheba Bhaban, Char Rajibpur, Thana: Char Rajibpur, District:
12 Char Rajibpur Jamalpur
Kurigram
13 Chirirbondor Dinajpur Abdulpur, Union: 05 no. Abdulpur,District: Dinajpur.
14 Dhap Rangpur D.R Bahban, Dhap Jail Road, Thana: Kotwali , District: Rangpur
Dhaperhat, Union: 6 No Dhaperhat, Thana: Sadullapur, District:
15 Dhaperhat Rangpur
Gaibandha
16 Dhukurjhari Birol Bazar Pipolla, Union: 3 no Dhamoir, Thana: Birol, District: Dinajpur
Dimla Garden City Shopping Complex, Baburhat, Union: Dimla,
17 Dimla Rangpur
Thana: Dimla, District: Nilphamari
18 Domar Rangpur D. B. Road, Thana: Domar, District: Nilphamari
Morhum Mochir Uddin Super Market, Fulbari Main Road,
19 Fulbari-Dinajpur Dinajpur
Upazilla/Thana: Fulbari, District: Dinajpur.
Kajim Uddin Super Market, Gangachara, Thana: Gangachara,
20 Gangachara Rangpur
District: Rangpur
Gobindaganj - Nurjahan Complex, Holding No: 127, Mahimaganj Road, Thana:
21 Rangpur
Gaibandha Gobindaganj, District: Gaibandha
Jayan Super Market, Haripur, Union: 5 No Haripur, Thana:
22 Haripur-Thakurgoan Setabganj
Haripur, District: Thakurgoan
Santi Complex, Medical Mor Bazar, Union: Sindurana, Thana:
23 Hatibandha Rangpur
Hatibandha, District: Lalmonirhat
Rozida Complex, Sonarpotti Road, Thana: Hakimpur, District:
24 Hilli Bandar Joypurhat
Dinajpur
Shimul Market, Jadurani Bazar, Upazila: Haripur, District:
25 Jadurani Bazar Setabganj
Thakurgaon-5120
Choudhury Super Market, Holding No: N/A, Road Name: Bhumi
26 Jaldhaka Rangpur Office Road, Road Name: N/A, Ward No: 02, Pauroshova:
Jaldhaka, Thana: Jaldhaka, District: Nilphamari
Ashraful Computer Market, Kaharole Bazar, Union: 3 no
27 Kaharole Birol Bazar
Mukundpur, Thana: Kaharole, District: Dinajpur
Shahidul Haque Complex, Union: Uttar Chandkhana, Thana:
28 Kishoreganj-Nilphamari Rangpur
Kishoreganj, District: Nilphamari
Gonir Uddin Market, Holding No.: 25, Ghoshpara Bazar Road,
29 Kurigram Sadar Rangpur
Thana: Kurigram Sadar, District: Kurigram

Rangpur Division
Haque Plaza, Kalibari-Puran Bazar Road, Thana: Lalmonirhat
30 Lalmonirhat Sadar Rangpur
Sadar, District: Lalmonirhat
Babul Plaza, Holding No: 1, Gaibandha Road, Thana: Mahiganj
31 Mahiganj Rangpur
Model Thana, District: Rangpur
32 Mahimaganj Rangpur Mahimaganj, Thana: Gobindaganj, District: Gaibandha
Shirin Plaza, Holding No: 200/1, Burirhat Road, Road No: 10,
33 Medical East Gate Rangpur
Thana: Rangpur Sadar, District: Rangpur
34 Nageshwari Rangpur R. K. Plaza, College Road, Thana: Nageshwari, District: Kurigram
Momdel Super Market, Union: 2 No Binodnagar, Thana:
35 Nawabganj-Dinajpur Dinajpur
Nawabganj, District: Dinajpur
Nekmarad, Union: Nekmarad, Thana: Ranisankail, District:
36 Nekmarad Bazar Setabganj
Thakurgoan
Holding No: 922, Fulbari Bus Stand Road, Thana: Dinajpur Sadar,
37 Nimnagar-Balubari Dinajpur
District: Dinajpur
Haji Tosir Uddin Shopping Complex, Paglapir Bazar, Union:
38 Paglapir Bazar Rangpur
Horidebpur, Thana: Rangpur Sadar, District: Rangpur-5401
AB Square, Holding No: 1568, Panchagarh-Tetulia Highway,
39 Panchagarh Sadar Dinajpur
Thana: Panchagarh Sadar, District: Panchagarh.
Beli Mansion, Adv. Khotibur Rahman Road,Thana: Parbatipur,
40 Parbatipur Birol Bazar
District: Dinajpur
Rangpur Chowdhury Tower, Chourangi Mor, Thana: Patgram, District:
41 Patgram
Lalmonirhat
42 Phulbari-Kurigram Rangpur Phulbari, Union: Phulbari, Thana: Phulbari, District: Kurigram
Momotaz Super Market, Guabari, Union: Pirgacha, Thana:
43 Pirgacha-Rangpur Rangpur
Pirgacha, District: Rangpur
44 Pirganj Setabganj College Bazar Road, Thana: Pirganj, District: Thakurgaon
Hazer Uddin Sarkar Market, Holding No.: 926, D. Wazed Miah
45 Pirganj-Rangpur Rangpur
Road, Thana: Pirganj, District: Rangpur
46 Rangpur Bus Terminal Rangpur Z&Z Tower, Boro Bari Road, Thana: Rangpur Sader, Dist: Rangpur
Rahman Plaza, Park More Road, Thana: Rangpur Sadar, Dist:
47 Rangpur Lalbagh Rangpur
Rangpur
48 Ranirbandar Dinajpur Mannan Plaza, Nasrotpur, Thana: Chirirbandar District: Dinajpur
Naresh Super Market, Pirganj-Ranisankail Road, Thana:
49 Ranisankail Setabganj
Ranisankail, District: Thakurgaon.
Jamalpur Mostofa Market, Thana Road, Thana: Rowmari, District:
50 Rowmari
Kurigram-5640.
Shilpa Sahitto Sangsad Super Market, Holding No.: 117, Sher-E-
51 Saidpur Rangpur
Bangla Road, Thana: Saidpur, District: Nilphamari
Uzzal Market, Shathibari-Haripur, Union: Durgapur, Thana:
52 Shathibari Bazar Rangpur
Mithapukur, District: Rangpur
Nazifa Bhaban, Holding No: 147, College Road, Thana:
53 Sundarganj Rangpur
Sundarganj, District: Gaibandha
Taraganj Bazar, Union: Kursha, Thana: Taraganj, District:
54 Taraganj Rangpur
Rangpur-5420
Deb Tower, Holding No: 976, Shahid Mohammad Ali Road,
55 Thakurgaon Sadar Setabganj
Upazilla/Thana: Thakurgaon Sadar, District: Thakurgaon.
Sayeed Yeaqub Hossain Market, Thakurgoan Station Road, Thana:
56 Thakurgoan Road Setabganj
Thakurgoan, District: Thakurgoan
Mazed Complex, Tushbhandar Bazar, Union: Tushbhandar, Thana:
57 Tushbhandar Rangpur
Kaliganj, District: Lalmonirhat
58 Ulipur Rangpur Ulipur Maddhya Bazar Road, Thana: Ulipur, District: Kurigram

Mymensingh Division
Aramnagar Bazar- Jishan Complex, Holding No: 79, Aramnagar Bazar Main Road,
1 Dhanbari
Sarishabari Thana: Sarishabari, District: Jamalpur
Jewel & Emon Index, Atharabari Hat, Thana: Ishwarganj, District:
2 Atharabari-Raybazar Kishoreganj
Mymensingh
Chowdhury Plaza, Holding No: 0142-00, Upazilla Main Road,
3 Balijuri Jamalpur
Upazilla/Thana: Madarganj, District: Jamalpur
Sagor Plaza, Gopalpur Bazar, Union: Barhatta, Thana: Barhatta,
4 Barhatta Bazar Netrokona
District: Netrokona
A.U. Talukder Tower, Village/Area: Batajore, Union: 9 Kachina,
5 Batajore Bazar Seed Store Bazar
Thana: Bhaluka, District: Mymenshingh
Pal Bhaban, Holding No.: B/235, Dhaka-Mymenshingh Highway,
6 Bhaluka Seed Store Bazar
Thana: Bhaluka, District: Mymenshingh
Fazlul Haque Complex, Bogar Bazar, Union: Amirabari, Thana:
7 Bogar Bazar Seed Store Bazar
Trishal, District: Mymenshing
Building Name: Pathan Bari, Holding No.: 12, Chamra Gudam
8 Charpara Mymensingh
Road, Thana: Kotwali, District: Mymensingh
Islam Market, Holding No: 29, Amuakanda Mosjid Road, Thana:
9 Fulpur Mymensingh
Fulpur, District: Mymensingh.
Chowdhury Plaza, Holding No: 794, Station Road, Thana:
10 Gafargaon Mymensingh
Gafargaon, District: Mymensingh
Sadia Plaza, Bangabandhu Road, Thana: Gouripur, District:
11 Gouripur- Mymensingh Mymensingh
Mymensingh
M M Plaza, Holding Name: 14, Madhya Bazar Road, Thana:
12 Haluaghat Mymensingh
Haluaghat, District: Mymensingh
Hazipur Bazar-
13 Jamalpur Hazipur Bazar, Thana: Jamalpur Sadar, District: Jamalpur-2000
Jamalpur
Hazi Ishaq Ali Complex, Sahid Shamsu Sarak (Thana Road),
14 Ishwarganj Mymensingh
Thana: Ishwarganj, District: Mymensingh
Islampur Bazar Amena Momin Shopping complex, Holding No: 0063/02,
15 Jamalpur
(Jamalpur) Islampur Bazar Road, Upazilla/Thana: Islampur, District: Jamalpur
Jamtoli New Market, Jamtoli, Union: 12 No Titpalla, Thana:
16 Jamtoli Bazar-Jamalpur Dhanbari
jamalpur Sadar, District: Jamalpur
Khan Market, Village/Area: Jhenaigati, Union: Jhenaigati Sadar,
17 Jhenaigati Sherpur
Thana: Jhenaigati, District: Sherpur
Kalibari Bus Stand Razzak Plaza, Kalibari, Union: 7 No Ghoga, Thana: Muktagacha,
18 Dhanbari
Gabtoli District: Mymensingh
Sumita Home, Kalmakanda, Thana: Kalmakanda, District:
19 Kalmakanda Netrokona
Netrokona
Abdur Rahman Bhuiyan Market, : Dikdair Road, Thana: Kendua,
20 Kendua Bazar Netrokona
District: Netrokona
Holding No: 99/1, Wapdar Mor, Thana: Mymensingh Sadar,
21 Kewatkhali Mymensingh
District: Mymensingh
Haji Sultan Khan Super Market, Koyra Bazar, Union: Adhar Vita,
22 Koyra Bazar Dhanbari
Thana: Madarganj, District: Jamalpur-2040
Refaz Shopping Complex, Kusumhati Bazar, , Union:
23 Kusumhati Sherpur
Lochmunpur, Thana: Sherpur Sadar, District: Sherpur
Jahangirpur Plaza, Madan-Netrokona Road, Thana: Madan,
24 Madan Mymensingh
District: Netrokona
Mahmudpur Bazar- Monower Medical Hall, Mahmudpur, Union: Mahmudpur, Thana:
25 Jamalpur
Jamalpur Melandaha, District: Jamalpur-2013
Shapla Market, Holding No.: 44, Melandah Bazar Main Road, ,
26 Melandah Bazar Jamalpur
Thaba: Melandah, District: Jamalpur

Mymensingh Division
Muktagacha Thana Mohila Somobai Somiti, Holding No: 0032-
27 Muktagacha Mymensingh
00, Moharaja Road, Thana: Muktagacha, District: Mymensingh.
Hakim Market, Holding No: 892/02, Nalitabari Road, Thana:
28 Nakla Uttar Bazar Sherpur
Nakla, District: Sherpur
Rokeya Villa, Holding No: 418, Shahid Nazmul Srity Road,
29 Nalitabari Sherpur
Thana: Nalitabari, District: Sherpur
Holding No: 763, Puratan Bus Stand Road, Thana: Nandail,
30 Nandail Kishoreganj
Al-Madina Shopping Complex, Nandina, Union: 9 No Ranagacha,
31 Nandina Bazar Jamalpur
Thana: Jamalpur, District: Jamalpur
Farhana Plaza, Holding No: 14, Shaheb Ali Road, Thana: Kotwali ,
32 Natun Bazar Mymensingh
33 Purbadhola Mymensingh Purbadhola Thana Road,Thana: Purbadhola, District: Netrokona
Harun Mondal Plaza, Holding No: 600, Purba Bazar Road,
34 Shombhuganj Mymensingh
Pourashava: Shombhuganj, Thana: Kotwali, District: Mymensingh
Shyamgonj, Union: Goalakanda, Thana: Purbadhola District:
35 Shyamgonj Mymensingh
Netrokona.
Sajid Super Market, Holding No: 82, Jame Masjid Road, Thana:
36 Sokal Bazar Jamalpur
Jamalpur Sadar, District: Jamalpur
N.M Tip Top Centre, Jamirdia Square Masterbari, Union:
37 Square Masterbari Seed Store Bazar
Hobirbari, Thana: Bhaluka, District: Mymensingh- 2240
Khan plaza, Holding No: 663/3, Bhayadanga Road, Upazilla/
38 Sreebordi Sherpur
Thana: Sreebordi, District: Sherpur.
Sarker Villa, Tarakanda Bazar, Daag: 265, Thana: Tarakanda,
39 Tarakanda Mymensingh
Sajid Bhavan, Pakhimara, Union: Pagol Digha, Thana: Sarishabari,
40 Tarakandi Dhanbari
District: Jamalpur
41 Telegati Bazar-Atpara Netrokona Teligati Bazar, Union: Teligati, Thana: Atpara, District: Netrokona
Bir Muktijoddha Abul Hossain Plaza (Mayor Market), House No-
42 Trishal Mymensingh
74-75, Abdul Rashid Road, Trishal Pourashava, Mymensingh

Particulers of Head Office and Branches of Nabil Bank
Limited, Nepal
Head Office : P.O.Box 3729, Beena Marg, Teendhara, Durbarmarg, Kathmandu. SWIFT Code: NARBNPKA
1 Aanbu Khaireni 2 Alitaal 3 Amarsingh Chowk Pokhara

Aanbu Khaireni Rural Aalital-08,Godam Upakar Marga-12, Amarsingh
Municipality-03 Bazar,Dadeldhura Chowk, Pokhara, Kaski, Nepal
Phone # +9779856017094 Phone # +977 9814686423 Phone # +977 61 550108,
+977 61 550110
4 Anamnagar 5 Arnama 6 Attariya
Anamnagar-29, Kathmandu Siraha District, Arnama Rural Godawari Muncipality Ward No-02
Phone #+977 1 5706884 , +977 1 Municipality- 3, Arnama Rural Mahendranagar Road Attariya, Kailali
5707274 Municipality Phone #+977 91 550788 ,
+977 91 550789, +977 91 550820
7 Attarkhel 8 Bagar, Pokhara 9 Baglung
Gokarneshwor 08 Besigaon,Atterkhel Bagar, Ward No. - 1, Pokhara, Kaski Baglung Municipality, Ward No 2,
Phone # +977 1 4912990 , +977 1 Phone # +977 61 551472 , +977 61 Loktantrik Chowk
4912992 551473 Phone # +977 68 522193, +977 68
522194
10 Bahrabise 11 Balaju 12 Banepa
Sindhupalchowk District, Machapokhari, Balaju , Kmc-16, Banepa Muncipality Ward No. 7
Bhotekoshi Rural Municipality- 8, Kathmandu Phone # +977 11 660168 ,
Kodari Marg Liping Phone # +977 1 4388915 , +977 11 660169 , +977 11 660172
Phone # +977 11 489022 +977 1 4388916 , +977 143388918
13 Banganga Branch 14 Bansgadi 15 Barah Taal
Banganga Municipality-02 Bansgadi-05, Bardiya Bardibas-1, Bardibas Muncipality,
Phone # +977 84 400194 , Mahottari
+977 84 400195 , +977 84 400196 Phone # +977 44 550072 ,
+977 044 550733
16 Barahathawa 17 Bardaghat 18 Bardibas
Barahathawa Municipality-07 Bardaghat Muncipality Ward No. 4, Bardibas-1,
Phone # +977 9854089099 Bardaghat, Nawalparasi Bardibas Muncipality ,Mahottari
Phone # +977 78 5905961, Phone # +977 44 550072 , +977
+977 78 590962 044 550733
19 Battar 20 Beshisahar 21 Bhairahawa
Nuwakot District, Bidur Narayansthan Chowk, Beshisahar Si. Na. Pa. -13, Maltole , Haatbazar
Municipality- 4, Battar Bazaar Ward No. 8, Lamjung Chowk,
Phone # +977 10 561776 , +977 10 Phone #+977 66 520805 Phone# 977-71-574041 977-71-
560256 574045
22 Bhaisepati 23 Bhaisepati 2 24 Bhalwadi
Bhaisepati Awash Kshetra Lalitpur District, Lalitpur Tilottama Muncipality Ward No. 07
Ward No. 25, Lalitpur Metropolitian City- 25, Sainbu Bhalwari , Rupandehi
Phone# +977 1 5901530 , +977 1 Phone # +977 1 5592630 , +977 1 Phone # +977 71 561357
5901531 5590028
25 Bhandara 26 Bhatbhateni 27 Bhedasingh
Rapti Municipality 5, Bhandara Bhatbhateni-4,Kathmandu Kathmandu Metropolitan City 18,
Phone# 9851155659 Phone# +977 01 4446397 Bhadesingh
Phone# +977 01 5342482
28 Bhojpur 29 Bhumlu 30 Bijuli Bazaar
Bhojpur District, Bhojpur Kavrepalanchowk District, Bhumlu Kathmandu District, Kathmandu
Municipality- 5, Rural Municipality- 5, Metropolitian City- 10,
Bhojpur Bazar Bhumlu Rural Municipality Bijuli Bazaar Near to Bridge
Phone # +977 29 420713 Phone # +977 1 4780770 , +977 1
4782767 , +977 1 4781195
31 Biratchowk 32 Biratnagar 33 Biratnagar (Pushpalal Chowk)
Sundarharaicha-12, Biratchowk Goshwara Road, Biratnagar-7, Biratnagar Metropolitan City - 3,
Phone # +977 21 545538, +977 21 Morang, Nepal Hanumandas Road, Morang
54583 , +977 21 545639 Phone # +977 21 516213, +977 21
516214

34 Biratnagar-Rangeli Road 35 Birauta 36 Birgunj
Morang District, Biratnagar Birauta Chowk-17, Pokhara (Shiva Adarsa Nagar, Birjung, Parsa
Metropolitian City-9, Rangeli Road Plaza Building) Phone # +977 51 530723
Phone # +977 21 530523, +977 21 Phone # 061-457892/ 457893
524263
37 Birgunj (Jeetpur) 38 Birgunj 2 39 Birtamod
Main Road, Jeetpur Simara -7, Parsa District, Birgunj Metropolitian Birtamod-04
Jeetpur City- 4, Alkhiya Road Phone # +977 23 543474 , +977 23
Phone # 053-590504 , 053-590505 Phone # +977 51 523689 , +977 51 543727
523494
40 Birtamod-BNC 41 Bishnu 42 Bitthadchir
Jhapa District, Birtamod Sarlahi District, Bishnu Rural Bitthadchir Rural Municipality Ward
Municipality- 5, BNC Hospital Municipality- 6, No. 04, Deukekh ,Bajhang
Phone # +977 23 545724 , +977 23 Bishnu Rural Municipality Phone # +977 9749161990
545744
43 Bramhapuri 44 Bulingtar 45 Butwal
Sarlahi District, Brahmapuri Rural Nawalparasi East District, Palpa Road, Butwal, Rupandehi
Municipality- 2, Bulingtar Rural Municipality- 3, Phone # +977 71 541059 , +977 71
Brahmapuri Rural Municipality Bulingtar 542274 ,
46 Butwal (Chauraha) 47 Butwal 2 48 Calcatta
Butwal Submetropolitan City - 11, Rupandehi District, Butwal Sub- Kanchanpur District, Belouri
Rajmarga Chauraha, Rupandehi Metropolitian City-7, Traffic Chowk Municipality- 8,
Phone # 9777142621 Phone # +977 71 544845 , +977 71 Kanchanpur
544906
49 Chabahil 50 Chainpur 51 Chandev
Hospital Margachabahil-7Kathmandu Bajhang District, Jayaprithbi Kanchanpur District, Laljhadi Rural
Phone # +977 01 4564470 , +977 Municipality- 8, Chainpur Bazar Municipality- 6,
014564469 Phone # 091-4211431 Laljhadi
52 Chandragadhi 53 Chandranagar 54 Chandrapur
Bhadrapur-10, Chandragadii Sarlahi District, Chandranagar Rural Chandrapur(Chapur) Ward -04,
Phone # +977 23 457021 Municipality- 3, Rautahat
Chandranagar Rural Municipality Phone # +977 55 540030 , +977 55
540060
55 Chandrauta 56 Chapagaun 57 Charikot
Krishna Nagar Road, Chandrauta , Godawari Municipality 10, Charikot - Lamabagar Rd,
Kapilvastu Chapagaun Bhimeshwor Municipality 45500,
Phone # +977 76 540661 , +977 76 Phone # +977- 01- 5265381 , Nepal
540662 +977- 01-5265382 Phone # +977 49 421882 , +977 49
421883
58 Chhathar 59 Chhatragunj 60 Chipledhunga
Terhathum District, Chhathar Rural Arghakhanchi District, Chhatradev Kaski District, Pokhara Metropolitian
Municipality- 7, Rural Municipality- 5, City- 9, Chipledhunga Pokhara
chhathar pokhari Chhatradev Rural Municipality Phone # +977 61 533134 , +977 61
Phone # 026-420005 Phone # 077-690436 533135
61 Chyamasing 62 Daarma 63 Dahachowk
Bhaktapur District, Bhaktapur Farulachaur, Daarma Rural Chandragiri-01, Kathmandu
Municipality- 8, Chyamasing Muncipality -03, Salyan Phone # 9841097422
Phone # 01-6620425/26 Phone # +977 9741466646
64 Daldale 65 Dallu 66 Damak
Devchuli Municipality, Ward No. 13, Kathmandu Metropolitan City, Ward Damak-6, Furniture Line, Jhapa
Daldale 15 Phone # +977 23 585190 , +977 23
Phone # +977 78 575337 Phone # 9808556699 585191 , +977 23 585192
67 Damauli 68 Darchula 69 Dewahi Gonahi
Vyas 02, Neem Chowk, Damauli, Darchula District, Mahakali Rautahat District, Dewahi Gonahi
Tanahun Municipality- 4, Mahakali Municipality- 8, Dehawi Gonahi
Phone # +977 65 565526 , +977 65 Municipality
565527 Phone # +977 93 420242
70 Dhalkebar 71 Dhanauji 72 Dhangadi
Mithila Municipality 6 Dhanusha District, Dhanauji Rural Dhangadhi Ward No.3 Chatakpur
Phone # 9845256085 Municipality- 2, Phone # +977 91 417652
Dhanauji Rural Municipality

73 Dhangadi 2 74 Dhapasi 75 Dharan
Kailali District, Dhangadhi Sub- Royal Complex Building Dhapasi Dharan Sub Mc - Ward No: 12,
Metropolitian City- 2, Chauraha Phone# +977 1 4984990 , +977 1 Sunsari
Phone # +977 91 521785 4984991 Phone# +977 25 530130
76 Dharan-Mahendrapath 77 Dhulikhel 78 Dhumbarahi
Sunsari District, Dharan Sub- Dhulikhel, Kavre Palanchowk Kalopul-5,Maligaun, Kathmandu
Metropolitian City-12, Mahendra Path Phone # +977 11 490730 , +977 11 Phone # +977 1 4444912
Phone # +977 25 530166 490731
79 Dhunche 80 DIKTEL 81 Duhabi
Rasuwa District, Gosaikunda Rural Diktel Rupakot Majuwagadhi Inaruwa Road Duhabi 3 Sunsari
Municipality- 6,Dhunche Municipality-01 Phone # +977 25 541307 , +977 25
Phone # +977 10 540015 Phone # 9849382685 541308 , +977 25 541302
82 Dulegauda 83 Duwakot 84 Gaighat
Shuklagandaki-04 Dulegauda Changunarayan 2, Duwakot, Triyuga-11, Himali Tole, Gaighat,
Tanahun, Phone # +977 65 414473 , Bhaktapur Udayapur, Phone # +977 35 421172
+977 65 414474 , +977 35 4211173
85 Gaindakot 86 Gajuri 87 Galchhi
Kaligandaki Chowk Ward Gajuri Rmc-01, Gajuribazar, Dhading Galchhi-07, Galchhi, Dhading
No.04,Nawalparasi Phone # +977 10 402424 , +977 10 Phone # +977 10 103197 , +977 10
Phone # +977 78 501727 , +977 78 402425 , +977 10 402426 103198 , +977 10 103199
501920
88 Garuda Branch 89 Gaushala Branch 90 Ghantaghar
Garuda Municipality, -04 Gaushala Municipality Kathmandu District, Kathmandu
Metropolitian City- 28, Kamaladi
Phone # +977 1 4233780 , +977 1
4233781 , +977 1 4233782
91 Ghorahi 92 Golbazar 93 Gongabu Jalpa
Ghorahi-15,Umesh Marg Golbazar-04, Siraha- Near Jalapa Chowk, Tokha Municipality-8,
Phone # +977 82 561686 Municipality Office Kathmandu, Nepal
Phone # +977 33 540401 , +977 33 Phone # 01 4355948 , 4359427
540402
94 Gorkha 95 Gulariya 96 Gusingal
Bank Road, Gorkha Municipality-6, Gulariya Municipality-05 Lalitpur Metropolitan City 1,
Gorkha, Nepal, Phone # +977 64 Sanepa Marg, Lalitpur
421529, +977 64 421530 Phone # 01-5424920 , 5422920
97 Gwarko 98 Hakimchowk 99 Halchowk
Gwarko, Balkumari Ward # 8, Laliptur Bharatpur-09, Hakimchowk Kmc 15 Halchowk, Kathmandu
Phone # +977 1 5186290 , +977 1 Phone # +977 56 594724 , +977 56 Phone # +977 1 5247234 , +977 1
5186090 594210 5247235
100 Hapure 101 Hariwan 102 Hattigauda
Dang District, Babai Rural Hariwan Municipality Ward No 11 , Budhanilkantha Ward No 08,
Municipality- 4, Hapure Sarlahi Hattigauda, Kathmandu
Phone # 082-403056/082-403056/ Phone # +977 46 530760 , +977 46 Phone # +977 1 4379297
082-403057 530761
103 Hetauda 104 Hetauda (Chisapani) 105 Hile
Ajar Amar Road,Hetauda-4 Hetauda Submetropolitan City -16, Dhankuta-01, Hile (Bich Bazar)
Phone # +977 57 524667 , +977 57 Chisapani, Makwanpur Phone # +977 26 540708 , +977 26
524689 , +977 57 524690 Phone # 057-530575 , 530576 540709
106 Ilam 107 Imadol 108 Inaruwa
City Mart, Ilam Bazar, Ilam Lalitpur District, Mahalaxmi Shanti Chowk - 01, Inaruwa, Sunsari,
Municipality 7 Municipality- 1, Imadol Nepal
Phone # 027-524639 , 027-524174 Phone # 01 5201404 , 5201402 Phone # +977 025 561098 , +977
025 561099 , +977 025 561007
109 Itahari 110 Itahari-Pashchim Line 111 Janakpur
Itahari-9 Birtanagar Line Sunsari Sunsari District, Itahari Sub- Bhanu Chowk, Janakpur, Nepal
Phone # +977 25 580741 , +977 25 Metropolitan City- 1, Itahari Phone # +977 41 590708
581400 Phone # 025-582411
112 Janakpur-Bhanuchowk 113 Jarankhu 114 Jhalari
Dhanusha District, Janakpurdham Jarankhu, Tarkeshwor Municipality- 8 Kanchanpur District,
Sub-Metropolitian City- 2, Bhanu Phone # 01 4025557 , 4025641 Shuklaphanta Municipality- 10, Jhalari
Chock, Phone # +977 41 590548 , Phone # 099-540067
+977 41 590549

115 Jhumka 116 Jorpati 117 Jorpati 2
Ramdhuni Municipality 5, Boudha Pipalbot, Kmc-6Jorpati, Kathmandu District,
Jhumka, Sunsari Kathmandu Gokarneshwor Municipality- 5,
Phone # 25-562707/25-562609 Phone # +977 1 4917498 , +977 1 Jorpati, Phone # +977 1 4910997 ,
4917569 +977 1 4910828
118 Kakarvitta 119 Kalaiya 120 Kalanki
Mechinagar 6, Jhapa Kalaiya Sub Metropolitan City -01, Opposite Kalanki Mandir
Phone # 9842654964 Bara Phone # +977 1 5234707 , +977 1
5234706
121 Kalikanagar 122 Kalimati 123 Kalimati 2
Kalikanagar, Butwal-11, Horizon Kathmandu Metropolitan City - 13, Kathmandu District, Kathmandu
Chowk, Phone # +977 71 438031 , Kalimati Metropolitian City- 13, Kalimati,
+977 71 438116 Phone # +977 1 4117264 Phone # 01-5377298 , 01-5384936
124 Kalimati-Rampur 125 Kamalbinayak 126 Kanchanbari
Salyan District, Kalimati Rural Kamalbinayak-10 Biratnagar-04, Kanchanbari
Municipality- 3, Phone # +977 1 6620297 , +977 1 Phone # +977 21 460426
Kalimati Rampur 6620298, +977 1 6620299
127 Kandaghari 128 Kantipath 129 Kapan
Kandaghari, Kageshwori Manahara, Jamal-1, Kantipath, Kathmandu, Budanilkantha Municipality Ward
Ward No.-9, Kathmandu Nepal. No. 10, Panchakanya Chowk,
Phone # +977 1 4993004 , +977 1 Phone # 977 1 4239203 , 977 1 Kapan, Kathmandu. Phone # +977 1
4993005 4239205, 977 1 4253918 4813113 , +977 1 4813114
130 Kapan 2 131 Karsiya 132 Katari
Kathmandu District, Budanilkantha Morang District, Dhanapalthan Rural Gol Park Chowk,Katari-03,
Municipality-10, Akashdhara Municipality- 4, Karsia Udayapur,Nepal
Phone # +977 1 4823335 Phone # +977 21 565038 Phone # +977 35 450355 , +977 35
450554
133 Kaudena 134 Kaushaltar 135 Kawasoti
Sarlahi District, Kaudena Rural Ward No. 3, Madhyapur, Thimi, Kawasoti Municipality, Ward No. 03,
Municipality- 2, Kaushaltar, Bhaktapur Nawalparasi (Bardaghat-Susta Purba)
Koudena Rural Municipality Phone # +977 1 6635184 , +977 1 Phone # +977 78 541186 , +977 78
6635199, +977 1 6635460 541187
136 Khaireni 137 Khajurah 138 Khandbari
Devdaha Minicipality - 6 Banke District, Khajura Rural Buddha Tole, Ward No: 01
Phone # 9847366895 Municipality- 2, Khajura Phone # +977 29 560873 , +977 29
Phone # 081-560428/ 560429 560874
139 Khichapokhari 140 Khokana 141 Kirtipur
Kathmandu District, Kathmandu Lalitpur District, Lalitpur Kirtipur-9 Kathmandu
Metropolitian City-22, Khichapokhari Metropolitian City- 21, Khokana Phone # +977 1 5906226
Phone # +977 1 4224477 , +977 1 Phone # 01-5591644/ 5591588
4241368
142 Kirtipur 2 143 Kohalpur 144 Koteshwar
Kathmandu District, Ujjyalo Bazar,Kohalpur- Kathmandu District,
Kirtipur Municipality- 1, Tyanglaphat 11,Banke,Nepal Kathmandu Metropolitian City- 30,
Phone # +977 1 5195123 , +977 1 Phone # +977 81 541726 , +977 81 Koteshwor
5195348 541727 Phone # 01-4600219
145 Kuleshwor 146 Kumaripati 2 147 Kushma
Kuleshwor, Kathmandu Lalitpur District, Lalitpur Parbat District, Kushma Municipality-
Phone # 01-5387596 Metropolitian City- 5, Kumaripati 6, Kushma Bazar
Phone # +977 1 5554011 , +977 1 Phone # 067-421327
5008721
148 Lahan 149 Lakeside Pokhara 150 Lalbandi
Lahan-08, Siraha (1 Number Road) Centre Point Building, Hallanchowk, Lalbandi Municipality-07
Opposite Of Pashupati Madhyamik Lakeside Phone # 046-590010 , 046-590011
Vidhyalaya(Government School) Phone # +977 61 454268 , +977 61
Phone # +977 33 563010 , +977 33 457345
553011
151 Lalitpur 152 Lamahi 153 Lamki
Bakhundole-3, Lalitpur Lamahi Municipality Ward No 05, Lamkichuha Municipality-01 Lamki
Phone # +977-1-5453960 , +977- Bank Road, Dang., Phone # +977 82 Phone # +977 91 540732 , +977 91
1-5010626 540848 , +977 82 540849 540733 , +977 91 540734

154 Lekhnath 155 Lumbini Branch 156 Maharajgunj
Kaski District, Pokhara Metropolitian Lumbini Sanskritik Municipality-06 Maharajgunj, Opposite To Us
City- 3, Budhi bazar Embassy.
Phone # 061-411445 Phone # +977 1 4720870 , +977 1
4720871, +977 1 4720887 , +977 1
4720865
157 Maharajgunj 2 158 Mahendrachowk 159 Mahendranagar
Kathmandu District, Kathmandu Biratnagar- 09, Morang Bheemdatt Municipality 04, Lane
Metropolitian City- 3, Maharajgunj Phone # +977 21 590294 Number 03, Mahendranagar,
Phone # 01-4376565/ 4376525 Kanchanpur, Phone # +977 99
525431 , +977 99 525450
160 Mahendranagar Dhanusa 161 Maitidevi 162 Makwanpurgadhi
Chhireshwornath Municipality 5 Maitidevi Complex, Ground Floor, Makwanpur District,
Phone # 9851213666 Maitidevi Makawanpurgadhi Rural Municipality-
Phone # +977 1 4543706 3, Makwanpurgadhi Rural
Municipality, Phone # 057-621130
163 Malangawa 164 Mandikhatar 165 Mangal Bazar
Sarlahi District, Malangawa Kathmandu District, Mangal Bazaar,
Municipality- 6, Budhanilkhantha Municipality- 9, Lalitpur Metropolitan City-16
Malangwa Municipality Budhanilkantha Phone # 9841633097
Phone # 046-521706 Phone # 01-5907094/01-5907096
166 Manigram 167 Mirchaiya 168 Mitrapark
Tilottama -05, Manigram, Rupandehi Katari Chowk, Mirchaiya 06 Kathmandu District, Kathmandu
Phone # +977 71 561257 , Phone # +977 33 550590 Metropolitian City- 7, Mitrapark
+977 71 561150 Phone # 01-4482692/ 4483386
169 Mulpani 170 Murgiya 171 Musikot
Kageshwori Manohara 6, Mulpani Sainamaina Municipality - 3 Rukum West District, Musikot
Phone # 01-4160170 , 01-4160120 Phone # 9806922883 Municipality- 1, Khalanga
Phone # 088-530364
172 Narayangadh 173 Narayangadh (Kamalnagar) 174 Narayanpur
Shahidchowk, Narayangadh, Bharatpur Metropolitan City - 3, Ghorahi Sub Metropolitan City,
Bharatpur-3, Chitwan Kamalnagar, Chitwan 10, Narayanpur
Phone # +977 56 523033 , Phone# +977 82 563796
+977 56 523034
175 Narephat 176 Naya Bazaar 177 Nepalgunj
Kathmandu Metropolitan City 32, Kathmandu District, Nepalgunj Sub Metropolitan City
Narephat Kathmandu Metropolitian City- 16, Ward No.18,
Phone# 01-4440335 , 01-4440336 Naya Bazar Balaju Karkado, Nepalgunj, Banke
Phone # +977 1 4383768 , +977 1 Phone # +977 81 534221 , +977 81
4384170 534222
178 Nepalgunj (Dhamboji) 179 Nepalgunj 2 180 New Baneshwor
Nepalgunj Submetropolitan City - 2, Banke District, Nepalganj Sub- New Baneshwor Branch,Opposite Of
Dhamboji, Banke Metropolitian City- 11, Dhamboji Bicc Buildingkathmandu
Phone # +977 81 415021 Phone # +977 1 4490881 , +977 1
4490882
181 New Road 182 Nijgadh 183 Paanchkhal
Kesha Plaza, Kmc Ward No. 22, Nijgadh Municipality - 8, Panchkhal 4,
New Road, Kathmandu,Nepal Shahidchowk, Bara Kavrepalanchowk Samajkalyanchowk
Phone # +977 1 4224533 , +977 1 Phone # +977 53 540278 Phone # +977 11 499472 , +977 11
4224583 , 499473 , +977 11 499475
+977 1 4225420 , +977 1 4215942
184 Pachaljharana 185 Palata 186 Panauti
Jagarkot Pachaljharana Rural Palata Rural Municipality, Ward No. Panauti Municipality -06,
Municipality 4, Kalikot 09, Thirpu, Kalikot, Karnali Namobuddha Road
Phone # +977 9741466645 Phone # +977 9741466640 Phone # +977 11 441072 , +977 11
441073, +977 11 441063
187 Pancheswor 188 Panchkhapan 189 Parsa Bazar
Pancheshwor R.M, Ward No.03, Sankhuwasabha District, Khairahani-08
Baitadi Panchakhapan Municipality- 6, Parsa Bazar Chitwan Nepal
Phone # +977 9741466644 Panchakapan Sankhuwasbha Phone # +977 56 582801 , +977 56
Phone # 029-411084 582802

190 Parwanipur 191 Pharsatikar Branch 192 Phedap
Bara District, Suddhodhan Rural Municipality-04 Terhathum District,
Parawanipur Rural Municipality- 4, Phedap Rural Municipality- 1,Fedap
Parwanipur Rural Municipality Phone # 026-681031/026-681032
Phone # 051-410069/051-410088
193 Phidim 194 Phikkal 195 Pokhara
Pachthar District, Phidim Ilam District, Pokhara Metropolitan City Ward
Municipality- 1, Suryodaya Municipality- 10, Fikkal Number-8, Sabhagriha Chowk, New
Phidim Bajar Phone # 027-540595 Road, Pokhara
Phone # 024-521081 Phone # +977 61 525715 , +977 61
532951
196 Pokhara (Malepatan) 197 Powerhouse Birgunj 198 Prayag Pokhari
Pokhara Metropolitan City - 5, Murli, In Front Of Nepal Telecom Prayag Pokhari Chowk
Malepatan, Kaski (New Building), Birgunj-12, Parsa (Prayagpokhari Lalitpur
Phone # +977 51 530216 Metroplition-6)
199 Rajarani 200 Rajbiraj 201 Ramaroshan
Dhankuta District, Chaubise Rural Saptari District, Rajbiraj Municipality- Mujabagar, Ramaroshan-3
Municipality- 6, Chaubise Rural 4, Rajbiraj Phone # +977 9741466643
Municipality, Phone # 026-411062 Phone # 031-530045/46
202 Ramgram Branch 203 Ratopool Dhangadhi 204 Sallaghari
Ramgram Municipality-03 Ratopool, Dhangadhi-4, Kailali Bhaktapur District, Suryabinayak
Phone # +977 91 525941 , +977 91 Municipality- 5, Sallaghari
525942 Phone # +977 1 6613170
205 Salpasilicho 206 Salyan 207 Sammarimai
Bhojpur District, Salpa Silichho Rural Salyan District, Sharada Municipality- Sammarimai Gaupalika Ward No 6,
Municipality- 3, 1, Shreenagar Rupandehi Nepal
Salpasilicho Phone # +977 88 400182 Phone # +977 9857017516
208 Sandhikharka 209 Sanepa 210 Sangurigadhi
Arghakhanchi District, Lalitpur District, Lalitpur Dhankuta District, Sangurigadhi Rural
Sandhikharka Municipality- 1, Metropolitian City- 2, Sanchal Municipality- 6, sangurigadhi
Sandhikharka Municipality Phone # 01-5546010 , 01-5546010 Phone # 025-400078
Phone # 077-420965
211 Sankhu 212 Sankranti Bazaar 213 Satdobato
Sankharapur Municipality, Ward 7, Terhathum District, Aatharai Rural Satdobato Branch, Lalitpur, Nepal
Sankhu Municipality- 4, Sankranti Bazar Phone # +977 1 5152062 , +977 1
Phone # 9841239828 Phone # +977 26 680966 , +977 26 5152298
680967
214 Sayal 215 Shankhamul 216 Simara
Sayal Rural Municipality 5 Doti Shankhamul, Kathmandu 10 Jeetpur Simara Smpc 02 Simara Bara
Phone # +977 9858424399 , +977 Phone # 01 5910764 , 5910763 Phone # +977 53 521936
9865855518
217 Sinamangal 218 Sindhuwa 219 Sinja
Bhimsengola Chowk, Kmc-09 Dhankuta District, Chhathar Jorpati Jumla District, Sinja Rural
Phone # +977 1 4490477 , +977 1 Rural Municipality- 6, Sindhuwa Municipality- 3, Sinja
4490478, +977 1 4497479 Phone # 026-404169
220 Siraha 221 Sirutar 222 Sunwal
Imali Chowk, Siraha-01, Siraha Bhaktapur District, Suryabinayak Parasi Road (Sabik: Tanka Prasad
Phone # +977 33 520591 , +977 33 Municipality- 1, Sirutar Acharya Marg), Sunwal-04,
520592 Phone # 01-5908903 , 01-5908904 Nawalparasi, Lumbini, Nepal
Phone # +977 78 570506 , +977 78
570507
223 Surkhet 224 Surunga 225 Suryabinayak
Birendranagar-6,Hulakchoek,Surkhet Kankai Municipality 3, Surunga Suryabinayak 6, Bhaktapur
Phone # +977 83 521485 Phone # 023-550680 , 550684 Phone # +977 1 5708021
226 Taal Chowk 227 Taandi 228 Tamghas
Taalchowk-27, Pokhara, Kaski Ratnanagar, Ward No 01, Taandi Resunga Municipality-01
Phone # +977 61 561844 , +977 61 Phone # +977 56 560591 , +977 56
561845 560592

229 Tansen 230 Tarahara 231 Tatopani
Tansen Municipality - 4, Bishal Bazar, Ward No-20, Itahari Sub Sindhupalchowk District, Bhotekoshi
Palpa Metropolitan City, Rural Municipality- 4,
Tarahara, Sunsari Bhotekoshi Rural Municipality
Phone # +977 25 475301 , +977 25 Phone # 011-480005
475000, +977 25 475302
232 Teendhara, Durbarmarg 233 Thaiba 234 Thali Danchhi
Teendhara Branch, Durbarmarg, Thaiba, Godavari Municipality- 14 Thali Dhachi, Kageswori Manohara
Kathmandu Phone # 01 5914100 , 5914200 Municipaloty, Ward 5
Phone # +977 1 4227181 , +977 1 Phone # 01 4451315 , 4451316
4221718
235 Thamel 236 Thimi 237 Tikapur
Kmc-17, Chhetrapati Thamel Madhyapur Thimi 07, Bhaktapur Kanchhi Bazzar Tikapur 01, Kailali
Phone # +977 1 4212167 , +977 1 Phone # 01-6634230 Phone # +977 91 560704 , +977 91
4212606 560701
238 Tila 239 Tilganga 240 Timure
Raralihi-01 Tila, Jumla Kathmandu District, Kathmandu Rasuwa District, Gosaikunda Rural
Phone # +977 9864901515 Metropolitian City- 3, Tilganga Municipality- 9, Timure
Phone # 01-4112574/ 01-4112979 Phone # 010-543022
241 Tokha 242 Tripureshwor 243 Tulsipur
Kathmandu District, Tokha 2nd Floor, United World Trade Tulsipur Sub-Metropolitan City-05,
Municipality- 7, Centre, Ga Line
Tokha Road Tripureshwor, Kathmandu, Nepal Phone # +977 82 522672 , +977 82
Phone # 01-4381150 , 01-4355345 Phone # +977 1 5917014, 522673, +977 58 522674
5917115, 5917116,
5917017 & 5917018
244 Turmakhand 245 Urlabari 246 Waling
Turmakhand Gaupalika, Ward No. 4 Urlabari, Bank Line (Ithara Road) Waling -08
Phone # +977 9741466642 Phone # +977 21 540969 , +977 21 Phone # +977 063 440001 ,
540979 +977 63 440002
Branch Network of Oman Exchange LLC, Oman

P.O. BOX : 994, Postal Code: 114, Hamriya, Muscat, Sultanate of Oman
Phone: +968 24832197, GSM: +968 94567300
Sl No. Branch Name Address Tel Number

Post Box. 994, Hay Al Mina, Postal Code No. 114, Hamriya,
1 Hamriya Branch Phone # (968) 24833591
Sultanate of Oman
2 Sohar Branch Post Box No. 862, Postal Code No. 311, Sohar, Sultanate of Oman Phone # (968)26846339
3 Nizwa Branch Post Box No. 718, Postal Code No. 611, Nizwa , Sultanate of Oman Phone # (968)25413084
4 Suwaiq Branch Post Box No. 497, Postal Code No. 315, Suwaiq, Sultanate of Oman Phone # (968) 26861893
5 Ghubra Branch Post Box No. 897, Postal Code No. 133, Ghubra, Sultanate of Oman Phone # (968) 24490360
Post Box No. 994, Postal Code No. 114, Near Oman Oil Petrol
6 Mabelah Branch Phone # (968) 24450613
Station, Sultanate of Oman
Post Box No. 696, Postal Code No. 320, Barka – Muscat Highway,
7 Barka Branch Phone # (968) 26885143
Barka, Sultanate of Oman
Post Box No. 70, Postal Code No. 327, Sohar Industrial Estate,
8 Falaj Al Qabail Phone # (968) 26753036
Sultanate of Oman
9 Saham Branch Post Box No. 878, Postal Code No. 319, Saham, Sultanate of Oman Phone # (968) 26855442
10 Shinas Branch Post Box No. 402, Postal Code No. 324, Shinas, Sultanate of Oman Phone # (968) 26748315
11 Rustaq Branch P.O Box No: 167, Postal Code No. 329, Rustaq, Sultanate of Oman Phone # (968) 26877912

Head Office and Agents of
IFIC Money Transfer (UK) Limited, UK
Head Office
FCA No 653278
18 Brick Lane, London E1 6RF, UK
Phone: 00447951786188 (Cell), 00442070609142 (Land Line)
Fax: 00442072479670, Email: [email protected]
Sl. No. Agent Name Address Telephone Email

1 BDESHPAY Limited 6 Hessel Street, London E1 2LP 004407867484755 [email protected]
25 Whitechapel Road, London
2 Dawn International UK Limited 07878934282 [email protected]
E1 1DU
Fairdeal Express Money Transfer 12-14 Vallance Road, London
3 2073752790 [email protected]
Limited E1 5HR
80 Ben Jonson Road, London
4 Labbaik Ltd 02077912779 [email protected]
E1 3NN
7 Horsham Road, Crawley
5 PBL Services Limited 07574104052 [email protected]
West Sussex RH11 7AY
55 Poplar High Street, London
6 Pearl Reliance Limited 02039415474 [email protected]
E14 0DJ
119-121 Whitechapel Road,
7 Safwan International Ltd 7756026074 [email protected]
Unit-2, London E1 1DT
25 Greatorex Street, London E1
8 SAS Enterprise London Ltd 02072473604 [email protected]
5NP
30 Sceptre Street, Newcastle
9 SB Travels Ltd upon Tyne, Tyne and Wear NE4 01912260496 [email protected]
6PQ
217 Manningham Lane, Bradford,
10 Sonali Business Centre UK Limited 01274297984 [email protected]
West Yorkshire BD8 7JF
90 Featherstall Road North,
11 Sonali Travels & Finance Ltd Oldham, 01616206001 [email protected]
Oldham OL9 6BX
493 Coventry Road, Small Heath,
12 Sterling Fintech Ltd Birmingham, West Midlands 01217735553 [email protected]
B10 0JS
97 Turnpike Lane Hornsey,
13 Tnm Enterprise & Co Ltd 7879615464 [email protected]
London, Greater London N8 0DY
272 High Street, Enfield EN3
14 UMT Travels and Exchange Ltd 20880500222 [email protected]
4HB
Zamzam Exchange International 388 Green Street, London E13
15 02084101155 [email protected]
Limited 9AP

Global Network of
Correspondent Banks

AFGHANISTAN Cooperave Bank Mashreqbank PSC Intesa Sanpaolo SPA
Bank Alfalah Limited Weifang Rural Commercial Mizuho Bank Ltd. Unicredit SPA
Bank Co. Ltd. Naonal Bank of Pakistan
AUSTRALIA Wells Fargo Bank N.A. PBL Finance (Hong Kong) JAPAN
Commonwealth Bank of Woori Bank (China) Limited Limited The Bank of New York Mellon,
Australia Sydney Yinzhou Bank Societe Generale MUFJ Bank Limited
JPMorgan Chase Bank NA Zhejiang Tailong Commercial Standard Chartered Bank Cibank NA
KEB Hana Bank Bank Co. Ltd. (Hong Kong) Ltd Commerzbank AG
Mizuho Bank Limited Zhejiang Zhuji Rural Sumitomo Mitsui Banking Gifu Shinkin Bank, The
Commercial Bank Co. Ltd. Corporaon KEB Hana Bank
AUSTRIA Zhejiang Hecheng Rural Wells Fargo Bank N.A. Mizuho Bank Limited
Erste Bank Der Commercial Bank Co. Ltd. City Hong Kong Limited Naonal Bank of Pakistan
Oesterreichischen Sparkas Habib Bank Limited Indian Overseas Bank Standard Chartered Bank
Erste Group Bank AG Zhejiang Chouzhou EXIM Finance (Hong Kong) State Bank of India
Commercial Bank Co Ltd Limited Sumitomo Mitsui Banking
BAHRAIN JPMorgan Chase Bank NA Corporaon
Bank Alfalah Limited CZECH REPUBLIC Wells Fargo Bank NA
Bank Al Habib Limited Ceska Sporitelna A.S. HUNGARY
KEB Hana Bank Commerzbank AG MKB BANK NYRT (Budapest KOREA, REPUBLIC
Bank RT) Busan Bank
BELGIUM DENMARK Raiffeisen Bank ZRT Daegu Bank Ltd., The
Bank J. Van Breda and Co. NV Danske Bank A/S Hongkong & Shanghai Banking
Belfius Bank SA/NV Nordea Bank Denkmark A/S INDIA Corp. Ltd
Commerzbank AG Syd Bank A/S AB Bank Limited Industrial Bank of Korea
KBC Bank NV Axis Bank Limited Kookmin Bank
Habib Bank Limited EGYPT MUFJ BankLimited KEB Hana Bank
Bank Audi SAE Cibank N.A. Kwangju Bank Limited, The
BHUTAN Masreqbank PSC ICICI Bank Limited Naonal Bank of Pakistan
Bank of Bhutan Indusind Bank Limited Shinhan Bank
Druk PNB Bank Limited ESTONIA Masreqbank PSC Standard Chartered Bank
Luminor Bank AS, Estonia SVC Co-operave Bank Wells Fargo Bank NA
BRAZIL (Fommer Nordea Bank AB Limited Woori Bank
Banco Keb Hana Do Brasil S.A. Esrinia Branch) Sonali Bank Ltd.
BANCO BRADESCO SA Standard Chartered Bank KSA
(FORMERLY KIRTON BANK FINLAND State Bank of India Islami Development Bank
S.A. - BANCO MULTIPLO) Danske Bank PLC Tamilnad Mercanle Bank Saudi Brish Bank,
Nordea Bank Finland PLC Limited The BANKMUSCAT
BULGARIA Union Bank of India
Cibank Europe Plc, Bulgaria FRANCE Punjab Naonal Bank (United KUWAIT
Branch Commerzbank AG Bank of India) BankMuscat
HSBC Connental Europe ICICI Bank Limited
CANADA KEB Hana Bank Standard Chartered Bank LUXEMBOURG
Habib Canadian Bank Monte Paschi Banque SA Danske Bank Internaonal A/S
HSBC Bank Canada INDONESIA
KEB Hana Bank Canada GERMANY Bank Mandiri (Persero) PT MALAYSIA
Royal Bank of Canada Commerzbank AG MUFG BANK, LTD. Cibank Berhad
Danske Bank A/S Cibank N.A. HSBC Bank Malaysia Berhad
CHINA, PEOPLE'S REPUBLIC Deutsche Bank AG (Frankfurt) PT BANK HSBC INDONESIA Malayan Banking Berhad
Bank of Guiyang Hamburg Commercial Bank AG PT BPD Jawa Timur (PT. Bank (Maybank)
Bank of Hebei JPMorgan AG JATIM) Standard Chartered Bank
Bank of Huzhou Co. Limited KEB Hana Bank Deutschland PT Bank Syariah Mandiri
Bank of China AS Standard Chartered Bank MALDIVES
Bank of Ruifeng (formaly Landesbank Bank of the Maldives PLC
Zhejiang) Baden-Wueremberg IRELAND
Bank of Taizhou Co. Ltd. Sparkasse Hannover Cibank Europe PLC NEPAL
China Everbright Bank Sparkasse Krefeld Danske Bank A/S Himalayan Bank Limited
Foshan Commercial Bank Co. Unicredit Bank AG Wells Fargo Bank Internaonal Nabil Bank Limited (Nepal
Ltd. (Hypobayerische) Unlimited Company Bangladesh Bank Ltd.)
HSBC Bank (China) Co. Ltd. Standard Chartered Bank
Jiangsu Jiangyin Rural HONG KONG ITALY
Commercial Bank AB Internaonal Finance Banca Monte Dei Paschi Di NETHERLANDS
Jiangsu Jiangnan Rural Limited Siena SpA Comerzbank AG
Commercial Bank Co. Ltd. Cibank N.A. Banca Popolare Di Sondrio Deutsche Bank AG
Jiangsu Jingjiang Rural Commerzbank AG Banca Popolare Valconca KEB Hana Bank
Commercial Bank Co Ltd. EBL Finance (HK) Limited Banca UBAE SPA
Laishang Bank Co. Ltd. MUFJ Bank Limited BANCA CAMBIANO 1884 NIGERIA
Ping an Bank Co. Ltd. HBZ Finance Limited SPA Guaranty Trust Bank Plc
Standard Chartered Bank Hongkong and Shanghai Banco BPM SPA
(China) Limited Banking Corp. MUFJ Bank Limited NORWAY
Jiangsu Haian Rural ICICI Bank Limited Commerzbank AG DNB Bank ASA
Commercial Bank Co Ltd. Intesa Sanpaolo SPA ICCREA Banca- Istu Centrale Danske Bank A/S
Ningbo Yuyao Rural KEB Hana Bank del Credito Nordea Bank Norge ASA

OMAN SRI LANKA Standard Chartered Bank BANGLADESH
Bank Dhofar (S.A.O.G) ICICI Bank Limited United Bank Limited AB Bank Limited
Bank Muscat (S.A.O.G) Naons Trust Bank Ltd. The Naonal Bank RAS AL Agrani Bank Limited
Khaimah Al-Arafah Islami Bank Limited
PAKISTAN SWEDEN Ajman Bank Bank Asia Limited
Bank Al Habib Limited Danske Bank BRAC Bank Limited
Habib Metropolitan Bank Nordea Bank AB (PUBL) U.S.A Bangladesh Commerce Bank
Limited Bank of America, N.A. Limited
Meezan Bank Limited SWITZERLAND Bank of New York Mellon, The Bangladesh Krishi Bank
MCB Bank Ltd. Banque Cantonale De Geneve MUFG Bank Limited Bangladesh Development
Naonal Bank of Pakistan Habib Bank AG Zurich Cathay Bank Bank Limited
Habib Bank Limited Valiant Bank Cibank NA Bank Alfalah Limited
SCB Pakistan Wells Fargo Bank N.A. Basic Bank Limited
TAIWAN Deutsche Bank Trust Company Cibank N.A.
PHILIPPINES Bank of New York Mellon, The Americas The City Bank Limited
KEB Hana Bank Chang Hwa Commercial Bank First Cizens Bank Commercial Bank of Ceylon
Ltd Habib American Bank Plc
POLAND Cibank Taiwan Limited Habib Bank Limited Dhaka Bank Limited
Bank Handlowy W Warszawie HSBC Bank (Taiwan) Limited HSBC Bank USA Dutch-Bangla Bank Limited
SA MEGA Internaonal Comm. ICICI Bank Limited Eastern Bank Limited
Bank Polska Kasa Opieki SA Bank Co. Ltd. JPMorgan Chase Bank NA Export Import Bank Limited
Danske Bank A/S Standard Chartered Bank Masreqbank PSC Padma Bank Limited
MBANK SA ( Formerly BRE E-Sun Commercial Bank Ltd. Mizuho Bank Ltd. First Security Islami Bank
Bank) Standard Chartered Bank Regions Bank Limited
(Taiwan) Ltd. Cizens Bank NA Habib Bank Limited
QATAR Sumitomo Mitsui Banking Standard Chartered Bank Hong Kong and Shanghai
Doha Bank Corporaon Sumitomo Mitsui Banking Banking Corp. Ltd.
Masreq Bank PSC Taishin Internaonal Bank Corporaon ICB Islamic Bank Limited
Standard Chartered Bank Wells Fargo Bank NA UMB Bank N.A. Islami Bank Bangladesh
US Bank Limited
RUSSIAN FEDERATION THAILAND Wells Fargo Advisors, LLC Jamuna Bank Limited
AO UniCredit Bank Bangkok Bank Public Company Woori Bank Janata Bank Limited
Ltd. Woori America Bank Meghna Bank Limited
SINGAPORE Bank of Ayudhya Public Seylan Bank Limited Mercanle Bank Limited
Axis Bank Limited Company Limited Standard Chartered Bank Midland Bank Limited
Cibank N.A. MUFJ Bank Limited (Bank of AMANA BANK PLC Modhumo Bank Limited
Commerzbank AG Ayudhya Public Company Haon Naonal Bank PLC Mutual Trust Bank Limited
Deutsche Bank AG Limited) People's Bank Naonal Bank Limited
Habib Bank Limited Cibank N.A. Naonal Bank of Pakistan
Hongkong and Shanghai Export-Import Bank of UNITED KINGDOM Naonal Credit and Commerce
Banking Corp. Thailand Bank of America N.A. Bank Limited
ICICI Bank Limited Hongkong & Shanghai Banking Cibank N.A. NRB Bank Limited
INDIAN BANK SINGAPORE Corp. Ltd Danske Bank NRB Commercial Bank Limited
JPMorgan Chase Bank NA Bank for Agriculture and Habib Bank AG Zurich NRB Global Bank Limited
KEB Hana Bank Agricultural Cooperave Habib-UK Plc One Bank Limited
Mizuho Bank Limited Krung Thai Bank Public HSBC Bank Plc The Premier Bank Limited
Nordea Bank Finland PLC Company Ltd. JPMorgan Chase Bank NA Prime Bank Limited
Standard Chartered Bank Mizuho Bank Limited KEB Hana Bank Pubali Bank Limited
Sumitomo Mitsui Banking Standard Chartered Bank Mashreqbank PSC Rupali Bank Limited
Corporaon Sumitomo Mitsui Banking Northern Bank Shahjalal Islami Bank Limited
Unicredit Bank AG Corporaon Sonali Bank (UK) Ltd. Social Islami Bank Limited
(Hypobayerische) Indian Overseas Bank Standard Chartered Bank Sonali Bank Limited
Wells Fargo Bank NA Wells Fargo Bank NA Southeast Bank Limited
Bank of America TURKEY Wells Fargo Securies South Bangla Agriculture &
Albaraka Turk Kalim Bankasi Internaonal Ltd Commerce Bank Ltd.
SLOVENIA AS Standard Bank Limited
Dezelna Bank Slovenije D.D. Fibabanka AS UZBEKISTAN Standard Chartered Bank
Nova Kreditna Banka Maribor AKBANK T.A.S. Central Bank of the Republic Trust Bank Limited
D.D. Alternaank AS Uzbeki Union Bank Limited
QNB FinansBank A.S. Naonal Bank for Foreign United Commercial Bank
SOUTH AFRICA HSBC Bank A.S. Economic Limited
Cibank South Africa Odea Bank As Uara Bank Limited
NEDBank Limited VIETNAM Shimantoo Bank Limited
U.A.E. Asia Commercial Bank Community Bank Bangladesh
SPAIN Abu Dhabi Commercial Bank HSBC Bank (Vietnam) Limited Limited
Banca De Sabadell S.A PJSC Joint Stock Commercial Bank Woori Bank
CAIXABANK SA Axis Bank Limited for Inv. & De State Bank of India
Commerzbank AG Cibank N.A. KEB Hana Bank Bengal Commercial Bank
Laboral Kutxa Habib Bank AG Zurich Woori Bank Cizens Bank PLC
ABANCA CORPORACION Habib Bank Limited Standard Chartered Bank
BANCARIA, S.A. Mashreqbank PSC

Noce
of the
46th AGM

Head Office: IFIC Tower, 61 Purana Paltan, G. P. O. Box: 2229, Dhaka-1000
Noce of the 46th Annual General Meeng
Notice is hereby given to the Members of IFIC Bank PLC that the 46th Annual General Meeting (AGM) of the Company will be held
on Thursday, 22 June 2023 at 11:00 a.m. (GMT+6) through Hybrid/Digital Platform at https://ificbank.bdvirtualagm.com to
transact the following agenda:
AGENDA
1) To receive, consider and adopt the Audited Financial Statements of the Bank for the year ended on 31 December 2022
together with the Reports of the Auditors and Directors thereon.
2) To declare dividend for the year ended on 31 December 2022 as recommended by the Board of Directors.
3) To elect/re-elect Director(s) of the Bank.
4) To appoint/re-appoint the External Auditors of the Bank for the year 2023 and to fix their remuneration.
5) To appoint the Compliance Auditor for the year 2023 as per Corporate Governance Code of the BSEC and to fix their
remuneration.
6) To transact any other business/issue with the permission of the Chair.
By order of the Board of Directors
Dated: Dhaka Mokammel Hoque, FCS

30 May 2023 Company Secretary
Notes:
1) The ‘Record Date’ was fixed on 25 May 2023 (Thursday).
2) The Members whose names appeared on the Share Register of the Bank and/or in the Depository (CDBL) Register on the
‘Record Date’ i.e. 25 May 2023 shall be eligible to attend the Annual General Meeting and will be entitled to the Dividend.
3) Pursuant to BSEC’s Order Nos. SEC/SRMIC/94-231/25, BSEC/CMRRCD/2009-193/08 and SEC/SRMIC/94-231/91 dated
08 July 2020, 10 March 2021 and 31 March 2021 respectively, the Annual General Meeting will be conducted through
Hybrid/ Digital Platform.
4) A Member eligible to attend and vote at the AGM may appoint a Proxy to attend and vote on his/her behalf. Proxy Form duly
filled in, signed and stamped for BDT 20.00 by the Member and Power of Attorney/Letter of Authorization from a Company/
Corporation must be submitted to the Registered Office of the Company not later than 72 (seventy-two) hours before the
time fixed for holding of the Annual General Meeting.
5) The Board of Directors has recommended total dividend of 5% (2.5% Cash and 2.5% Stock) for the year ended on 31
December 2022 for approval of the Shareholders in the 46th Annual General Meeting of the Bank.
6) The retiring Directors shall be eligible for election/re-election as per provision laid down in the Articles of Association of the
Bank.
7) Pursuant to BSEC’s Order Nos. BSEC/CMRRCD/2009-193/08 and SEC/SRMIC/94-231/91 dated 10 March 2021 and 31
March 2021 respectively, the Independent Scrutinizer has been appointed to scrutinize the election/re-election process as
well as to provide detailed information about the voting results followed by an Authentication Report.
8) Pursuant to the Bangladesh Securities and Exchange Commission’s Notification No. BSEC/CMRRCD/2006-158/208/
Admin/81 dated 20 June 2018 (Published in the Bangladesh Gazette on 08 August 2018), Annual Report 2022 will be sent in
soft form to the respective email addresses of the Members available in their Beneficiary Owners (BO) Accounts maintained
with the Depository Participants. The soft copy of the Annual Report 2022 will also be available on the Investor Relations
page of the website of the Bank at www.ificbank.com.bd
9) Notice of the 46th AGM and other relevant information of the meeting will be communicated to the Members in due course
through the email addresses available in their Beneficiary Owners (BO) Accounts maintained with the Depository Participants
and the same will also be available on the Investor Relations page of the website of the Bank at www.ificbank.com.bd

Proxy
Form

Head Office: IFIC Tower, 61 Purana Paltan, G. P. O. Box: 2229, Dhaka-1000
Proxy Form Affix

Revenue
Stamp of
BDT 20.00
I/We ………………………………………………………………………………………….......................................................................................................................…...
Folio/BO ID No.
Address: ………………………………………………………...................................................................................................................………………………….…….…,
being a Shareholder of IFIC Bank PLC, do hereby appoint
Mr./Ms……………………………………………………………………………………….............................................................................................................................
of…………………………………………………………………………………………………..........................................................................................................................
Cell/Land Phone No. ……………………………………………………………………………...............................................................................................................
Email ID:………………………………………………………………………………………….......................................................................................................................
as my/our Proxy in my/our absence to attend and vote for me/us on my/our behalf at the 46th Annual General Meeting of the
Company scheduled to be held on Thursday, 22 June 2023 at 11:00 a.m. (GMT+6) through Hybrid/Digital Platform at https://
ificbank.bdvirtualagm.com and at any adjournment thereof.
In witness whereof I/We set my/our hand(s) on this the……...........................................……day of..............................................................2023.
Signature of the Proxy……………………………………………………………………………...............................................................................................................
Signature of the Shareholder(s)……………………………………………………………………........................................................................................................
No. of shares held………………………….....................................………Cell/Land Phone No.………………………................................................................
Email ID:………………………………………………………………………………………….......................................................................................................................
Notes
Note: The Proxy Form duly stamped and completed in all respect must be deposited to the Share Department of the Company at
least 72(seventy two) hours before the time fixed for holding of the Meeting for attestation. Signature of the Shareholder(s) must
tally with the signature recorded with the Company (In case of folio, signature recorded with the Share Department and for BO
holders, signature received from the CDBL).

Note

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2022 Highlights

Business Centres 1,270

IFIC Aamar Bari Loans & Advances

IFIC Aamar Account Market

Back to Content Annual Report 2022 1

4 Annual Report 2022

Annual Report 2022 5

281 Important Events

346 Global Network of Correspondent Banks 343

6 Annual Report 2022

Back to Content Annual Report 2022 7

Annual Report for the year ended 31 December 2022

Dear Sir (s),

Mokammel Hoque, FCS

8 Annual Report 2022 Back to Content

Back to Content Annual Report 2022 9

z IFIC Bank encourages its z IFIC Bank formulates Anti-Money

10 Annual Report 2022 Back to Content

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12 Annual Report 2022 Back to Content

Back to Content Annual Report 2022 13

Name of the Company Off-shore Banking Unit (OBU)

Lisng Status Chairman

Tax Payer Idenficaon Number (TIN) Head of ICC

VAT Registraon Number Chief Financial Officer

14 Annual Report 2022 Back to Content

A fully owned subsidiary A fully owned subsidiary

A fully owned subsidiary Nabil Bank Limited

Oman Exchange LLC MCB Bank Limited

Back to Content Annual Report 2022 15

Established as an Investment & Finance Company under arrangement of joint venture

1980 Commenced operaon in Foreign Exchange Business in a limited scale.

Obtained permission from the Govt. to operate as a commercial Bank.

1983 Commenced operaon as a full-fledged Commercial Bank in Bangladesh.

1987 Set up its first overseas branch at Karachi in Pakistan.

1993 Set up its second overseas branch at Lahore in Pakistan.

2010 Set up its Off-shore Banking Unit (OBU).

2012 Inauguraon of the 100th Branch at Tejgaon-Gulshan Link Road in Dhaka.

2013 Achieved the Landmark of BDT 10,000 crore in Deposits.

16 Annual Report 2022 Back to Content

2016 Inauguraon of IFIC Tower at 61 Purana Paltan, Dhaka.

Established 35 Uposhakhas across the country.

2022 Inauguraon of the 1000th Uposhakha at Meherpur.

Back to Content Annual Report 2022 17

18 Annual Report 2022 Back to Content

Secretary to the Commiee

Back to Content Annual Report 2022 19

22 Annual Report 2022 Back to Content

Quamrun Naher Ahmed

Back to Content Annual Report 2022 23

Md. Golam Mostofa

24 Annual Report 2022 Back to Content

Shah Md. Moinuddin

Md. Nurul Hasnat

Syed Mansur Mustafa

Back to Content Annual Report 2022 25

Md. Monitur Rahman

Gitanka Debdip Datta

Senior Management Team (SMT)

1980 Commenced operaon in Foreign Exchange Business in a limited scale.

1983 Commenced operaon as a full-fledged Commercial Bank in Bangladesh.

2012 Inauguraon of the 100th Branch at Tejgaon-Gulshan Link Road in Dhaka.

2016 Inauguraon of IFIC Tower at 61 Purana Paltan, Dhaka.

2022 Inauguraon of the 1000th Uposhakha at Meherpur.

Secretary to the Commiee