First Security Islami Bank: Quarterly Financial Statements - 30 September 2017

Transcription

1. Quarterly Financial Statement September , 2017 Head Office
2. FIRST SECURITY ISLAMI BANK LIMITED CONSOLIDATED BALANCE SHEET (Un-audited) AS AT 30 SEPTEMBER 2017 30.09.2017 Taka PROPERTY AND ASSETS Cash In hand (Including Foreign Currencies) Balance with Bangladesh Bank and its Agent Bank(s) (Including foreign currencies) 31.12.2016 Taka 23,346,139,889 1,397,410,513 21,948,729,376 32,300,518,914 1,709,030,260 30,591,488,654 624,594,377 59,481,931 565,112,446 516,948,766 84,689,825 432,258,941 Placement with Banks & Other Financial Institutions 13,653,700,000 14,509,000,000 Investments in Shares & Securities Government Others 15,343,919,985 14,250,000,000 1,093,919,985 14,855,836,534 13,900,000,000 955,836,534 264,043,720,318 263,355,728,683 687,991,635 225,889,892,521 225,345,248,091 544,644,430 3,386,431,974 3,450,117,792 11,366,377,050 25,145,280 331,790,028,872 10,121,788,567 25,145,280 301,669,248,374 8,457,190,480 711,115,048 Deposits and Other Accounts Al-Wadia Current Deposits and Other Deposit Accounts Bills Payable Mudaraba Savings Deposits Mudaraba Term Deposits Other Mudaraba Deposits 289,825,150,994 23,660,355,277 1,505,709,106 23,517,520,649 192,991,288,701 48,150,277,261 274,224,785,993 15,946,290,541 1,477,937,977 18,421,853,013 188,431,972,412 49,946,732,050 Mudaraba Subordinated Bond Other Liabilities Total Liabilities Capital/Shareholders' equity Paid-up Capital Statutory Reserve Other Reserve Asset Revaluation Reserve Retained Earnings Total Shareholders' Equity 1,000,000,000 20,996,688,520 320,279,029,994 1,382,000,000 14,290,910,754 290,608,811,795 7,128,175,820 2,765,875,624 402,850,965 362,198,654 524,935,516 11,184,036,579 6,788,738,880 2,412,128,110 402,850,965 362,198,654 793,919,776 10,759,836,385 Non-controlling Interest Total Liabilities and Shareholders' Equity 326,962,299 331,790,028,872 300,600,194 301,669,248,374 Balance with other Banks and Financial Institutions In Bangladesh Outside Bangladesh Investments General Investment etc. Bills Purchased and Negotiated Fixed Assets Including Premises, Furniture & Intangible Assets Other Assets Non Banking Assets Total Assets LIABILITIES AND CAPITAL Liabilities Placement from Banks & Other Financial Institutions
3. FIRST SECURITY ISLAMI BANK LIMITED CONSOLIDATED BALANCE SHEET (Un-audited) AS AT 30 SEPTEMBER 2017 30.09.2017 Taka 31.12.2016 Taka OFF- BALANCE SHEET ITEMS Contingent Liabilities Acceptances and Endorsements 26,301,328,470 21,750,937,662 Letters of Guarantee 6,280,643,678 6,317,021,800 Irrevocable Letters of Credit 6,569,794,976 4,335,806,257 Bills for Collection 1,249,869,753 1,165,010,799 40,401,636,878 33,568,776,518 Other Contingent Liabilities Total Other Commitments Documentary credits and short term trade related transactions - - Forward assets purchased and forward deposits placed - - Undrawn note issuance and revolving underwriting facilities - - Undrawn formal standby facilities, credit lines and other commitments Total - - Total Off -Balance Sheet Items Including Contingent Liabilities Head of FAD Company Secretary Dhaka, 25 October 2017 40,401,636,878 Managing Director Director 33,568,776,518 Chairman
4. FIRST SECURITY ISLAMI BANK LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Investments Income Profit Paid on Deposits Net Investment Income Income from Investment in shares & Securities Commission, Exchange and Brokerage Other Operating Income Jan-Sept. '17 Taka Jan-Sept. '16 Taka July- Sept. '17 Taka July- Sept. '16 Taka 20,865,783,391 (14,901,724,261) 19,477,444,716 (14,221,363,566) 7,081,439,944 (5,173,543,834) 6,573,088,955 (4,777,565,874) 5,964,059,130 5,256,081,150 1,907,896,110 1,795,523,081 76,144,320 459,672,110 566,725,028 (51,610,509) 273,800,948 257,181,786 26,575,097 145,390,806 195,546,219 (5,981,263) 109,116,475 65,158,949 1,102,541,458 479,372,225 367,512,122 168,294,161 Total Operating Income Less: Operating Expenses Salary and Allowances Rent, Taxes, Insurances, Electricity etc. Legal Expenses Postage, Stamps, Telecommunication etc. Stationery, Printings, Advertisements etc. Managing Director's Salary and Fees Auditors' Fees Directors' Fees Shariah Committee's Fees Depreciation and Repair of Bank's Assets Zakat Expenses Other Expenses 7,066,600,588 5,735,453,375 2,275,408,232 1,963,817,242 2,072,505,431 422,448,737 7,342,084 20,783,261 89,817,055 8,623,625 676,025 1,086,600 328,494,643 53,691,117 746,382,778 1,720,103,070 371,995,570 6,048,206 16,550,238 113,638,875 8,182,903 547,689 1,451,600 138,000 295,489,676 37,686,456 714,988,328 665,478,230 148,944,465 1,718,217 6,963,946 29,043,350 2,672,500 290,949 254,400 117,224,612 17,897,039 240,519,979 581,872,861 134,924,075 729,141 4,550,207 41,800,642 2,500,000 182,563 358,800 46,000 103,594,208 12,562,152 196,085,286 Total Operating Expenses 3,751,851,356 3,286,820,611 1,231,007,687 1,079,205,935 Profit before Provision and tax Total Provisions Total Profit before Taxes 3,314,749,232 1,436,000,000 26,115,486 1,462,115,486 1,852,633,746 2,448,632,764 718,475,215 (118,299,077) 600,176,138 1,848,456,626 1,044,400,545 488,500,000 23,265,916 511,765,916 532,634,629 884,611,307 327,475,215 (82,947,278) 244,527,937 640,083,370 Provision for Taxation 1,062,634,504 788,787,075 334,838,233 284,413,480 1,062,634,504 788,787,075 334,838,233 284,413,480 789,999,242 793,919,776 1,583,919,018 1,059,669,551 555,733,247 1,615,402,797 197,796,396 1,116,377,455 1,314,173,851 355,669,890 676,629,326 1,032,299,216 353,747,514 26,362,105 339,436,940 339,436,944 1,058,983,503 524,935,515 1.11 371,861,672 (5,429,445) 342,409,037 708,841,264 906,561,533 1.49 100,301,319 10,063,133 339,436,940 339,436,944 789,238,336 524,935,515 0.28 129,573,794 (3,836,112) 125,737,682 906,561,533 0.50 Provisions for Investments including off-B/S items Provisions for diminution in value of investment in shares Net Profit after tax for the period Retained Earnings Brought Forward Appropriations: Statutory Reserve Non-Controlling Interest Stock Dividend Cash Dividend Retained Earnings Carried Forward Earnings Per Share (EPS) Head of FAD Company Secretary Dhaka, 25 October 2017 Managing Director Director Chairman
5. FIRST SECURITY ISLAMI BANK LIMITED CONSOLIDATED CASH FLOW STATEMENT (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Jan-Sept. 2017 Taka A. Cash Flow from Operating Activities Investment Income Receipt Profit paid on Deposits Dividend Receipts Fees & Commission Receipt Payment to Employees Payment to Suppliers Income Tax Paid Receipts from Other Operating Activities Payment for other Operating Activities Jan-Sept. 2016 Taka 21,217,783,791 (10,902,899,799) 6,589,713 459,672,110 (2,081,129,056) (160,642,460) (962,525,003) 566,725,028 (1,182,120,793) 6,961,453,531 19,119,740,496 (11,662,695,863) 6,441,732 273,800,948 (1,728,285,973) (170,594,527) (621,183,640) 253,382,421 (1,096,281,895) 4,374,323,699 Investments to Customers Other Assets Deposits Received from Customers Other Liabilities (38,360,730,958) (424,497,058) 11,601,540,539 4,193,580,732 (22,990,106,745) (32,556,843,961) 618,171,403 22,346,807,114 129,283,635 (9,462,581,810) Net Cash Inflow/(Outflow) from Operating Activities (16,028,653,214) (5,088,258,110) B. Cash Flow from Investing Activities Investment in Shares and Securities Purchase of Property, Plant and Equipment Sale of Property, Plant and Equipment Net Cash Inflow/(Outflow) from Investing Activities (488,083,451) (209,935,237) (698,018,688) (1,621,650,856) (478,585,189) (2,100,236,045) C. Cash Flow from Financing Activities Receipt/(Payment) of Mudaraba Subordinated Bond Increase/(Decrease) in Placement from Banks & Fls Dividend Paid in Cash Net Cash Inflow/(Outflow) from Financing Activities (382,000,000) 7,746,075,432 (339,436,944) 7,024,638,488 (382,000,000) (580,812,848) (342,409,037) (1,305,221,885) (9,702,033,414) 47,326,467,680 37,624,434,266 (8,493,716,040) 42,472,440,933 33,978,724,893 1,397,410,513 36,227,023,753 37,624,434,266 1,377,148,928 32,601,575,965 33,978,724,893 Operating Profit before changes in Operating Assets & Liabilities Increase /(Decrease) in Operating Assets & Liabilities D. Net Increase/Decrease of Cash & Cash Equivalent (A+B+C) Effect of Exchange Rate on Cash & Cash Equivalent E. Opening Cash & Cash Equivalent F. Closing Cash & Cash Equivalent (D+E) Cash in Hand (Including Foreign Currencies) Balance with Bangladesh Bank,other banks, FIS & Placement Head of FAD Company Secretary Dhaka, 25 October 2017 Managing Director Director Chairman
6. FIRST SECURITY ISLAMI BANK LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Particulars Paid-up Capital Statutory Reserve Other Reserve Taka Taka Taka Assets Reval. Reserve Taka Retained Earnings Taka Non-Controlling Interest Taka Total Taka Balance as on 01 January 2017 6,788,738,880 2,412,128,110 402,850,965 362,198,654 793,919,776 300,600,194 11,060,436,579 Changes in Accounting Policy Restated Balance Surplus/Deficit on account of Revaluation of Properties Surplus/Deficit on account of Revaluation of Investments Net Gains and Losses not Recognized in the Income Statement 6,788,738,880 2,412,128,110 402,850,965 362,198,654 793,919,776 300,600,194 11,060,436,579 Net Profit for the period Issue of Bonus Share During the Year Cash Dividend - - - - - - - - 339,436,940 - Transfer to Statutory Reserve - - - - - - - - - - - - - - - 789,999,242 - - - - (339,436,940) - - - - (339,436,944) - - - (353,747,514) - - - - 353,747,514 Transfer to Other Reserve - - - Revaluation reserve to Other Reserve - - - - Noncontrolling Interest in Subsidiary Profit - - - - 789,999,242 (339,436,944) (26,362,105) 26,362,105 - Balance as on 30 September 2017 7,128,175,820 2,765,875,624 402,850,965 362,198,654 524,935,516 326,962,299 11,510,998,878 Balance as on 30 September 2016 6,788,738,880 2,274,108,466 75,556,891 372,259,728 906,561,534 292,550,401 10,709,775,900 Head of FAD Dhaka, 25 October 2017 Company Secretary Managing Director Director Chairman
7. FIRST SECURITY ISLAMI BANK LIMITED BALANCE SHEET (Un-audited) AS AT 30 SEPTEMBER 2017 30.09.2017 Taka PROPERTY AND ASSETS Cash In hand (Including foreign currencies) Balance with Bangladesh Bank and its agent bank(s) (Including foreign currencies) 31.12.2016 Taka 23,346,129,880 1,397,400,504 21,948,729,376 32,300,509,774 1,709,021,120 30,591,488,654 Balance with other Banks and Financial Institutions In Bangladesh Outside Bangladesh 623,822,743 58,710,297 565,112,446 514,632,409 82,373,468 432,258,941 Placement with Banks & other Financial Institutions 13,653,700,000 14,509,000,000 Investments in Shares & Securities Government Others 15,157,406,417 14,250,000,000 907,406,417 14,786,490,432 13,900,000,000 886,490,432 264,222,329,533 263,534,337,898 687,991,635 226,065,271,502 225,520,627,072 544,644,430 3,374,830,422 3,430,730,939 10,702,221,254 25,145,280 331,105,585,529 9,596,694,604 25,145,280 301,228,474,940 8,457,190,480 711,115,048 Deposits and Other Accounts Al-Wadia Current Deposits and Other Deposit Accounts Bills Payable Mudaraba Savings Deposits Mudaraba Term Deposits Other Mudaraba Deposits 289,864,716,721 23,699,921,004 1,505,709,106 23,517,520,649 192,991,288,701 48,150,277,261 274,252,894,129 15,974,398,677 1,477,937,977 18,421,853,013 188,431,972,412 49,946,732,050 Mudaraba Subordinated Bond Other Liabilities Total Liabilities Capital/Shareholders' equity Paid-up Capital Statutory Reserve Other Reserve Assets Revaluation Reserve Retained Earnings Total Shareholders' Equity 1,000,000,000 20,684,949,448 320,006,856,649 1,382,000,000 14,180,498,968 290,526,508,145 7,128,175,820 2,765,875,624 402,850,965 362,198,654 439,627,817 11,098,728,880 6,788,738,880 2,412,128,110 402,850,965 362,198,654 736,050,186 10,701,966,795 Total Liabilities and Shareholders' Equity 331,105,585,529 301,228,474,940 Investments General Investment etc. Bills Purchased and Negotiated Fixed Assets Including Premises, Furniture & Intangible Assets Other Assets Non Banking Assets Total Assets LIABILITIES AND CAPITAL Liabilities Placement from Banks & other Financial Institutions
8. FIRST SECURITY ISLAMI BANK LIMITED BALANCE SHEET (Un-audited) AS AT 30 SEPTEMBER 2017 30.09.2017 Taka 31.12.2016 Taka OFF- BALANCE SHEET ITEMS Contingent Liabilities Acceptances and Endorsements 26,301,328,470 21,750,937,662 Letters of Guarantee 6,280,643,678 6,317,021,800 Irrevocable Letters of Credit 6,569,794,976 4,335,806,257 Bills for Collection 1,249,869,753 1,165,010,799 40,401,636,878 33,568,776,518 Other Contingent Liabilities Total Other Commitments Documentary credits and short term trade related transactions - - Forward assets purchased and forward deposits placed - - Undrawn note issuance and revolving underwriting facilities - - Undrawn formal standby facilities, credit lines and other commitments - - Total - - 40,401,636,878 33,568,776,518 Total Off -Balance Sheet Items Including Contingent Liabilities Head of FAD Company Secretary Dhaka, 25 October 2017 Managing Director Director Chairman
9. FIRST SECURITY ISLAMI BANK LIMITED PROFIT AND LOSS ACCOUNT (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Investments Income Profit Paid on Deposits Net Investment Income Income from Investment in shares & Securities Commission, Exchange and Brokerage Other Operating Income Jan-Sept. '17 Taka Jan-Sept. '16 Taka July- Sept. '17 Taka July- Sept. '16 Taka 20,808,396,781 (14,901,724,261) 19,394,748,724 (14,221,363,566) 7,062,305,823 (5,173,543,834) 6,555,566,367 (4,777,565,874) 5,906,672,520 5,173,385,158 1,888,761,989 1,778,000,493 64,768,864 421,700,959 546,422,676 34,202,639 229,860,818 250,972,108 22,495,758 134,374,307 187,957,349 18,952,134 96,151,521 64,326,149 1,032,892,499 515,035,565 344,827,414 179,429,804 Total Operating Income Less: Operating Expenses Salary and Allowances Rent, Taxes, Insurances, Electricity etc. Legal Expenses Postage, Stamps, Telecommunication etc. Stationery, Printings, Advertisements etc. Managing Director's Salary and Fees Auditors' Fees Directors' Fees Shariah Committee's Fees Depreciation and Repair of Bank's Assets Zakat Expenses Other Expenses 6,939,565,019 5,688,420,723 2,233,589,403 1,957,430,297 2,057,822,212 418,292,699 7,342,084 20,524,757 89,549,634 8,623,625 646,875 861,600 320,460,662 53,691,117 735,066,816 1,707,710,187 368,208,981 6,048,206 16,425,727 113,493,446 8,182,903 547,689 1,151,600 138,000 287,025,854 37,686,456 677,556,957 661,078,644 147,566,025 1,718,217 6,899,532 28,929,171 2,672,500 281,749 254,400 115,070,129 17,897,039 237,949,487 578,076,510 133,569,608 729,141 4,509,931 41,762,193 2,500,000 182,563 358,800 46,000 100,783,084 12,562,152 193,693,187 Total Operating Expenses 3,712,882,081 3,224,176,006 1,220,316,893 1,068,773,169 Profit before Provision and tax Provisions for diminution in value of investment in shares 3,226,682,938 1,436,000,000 21,945,369 2,464,244,717 706,500,000 (101,563,645) 1,013,272,510 488,500,000 23,265,916 Total Provisions 1,457,945,369 604,936,355 511,765,916 240,788,154 Total Profit before Taxes 1,768,737,569 1,859,308,362 501,506,594 647,868,974 Provision for Taxation 1,032,538,540 788,558,309 324,247,203 284,370,281 Net Profit after tax for the period Retained Earnings Brought Forward 1,032,538,540 736,199,029 736,050,186 1,472,249,215 788,558,309 1,070,750,053 500,590,957 1,571,341,010 324,247,203 177,259,391 1,041,543,629 1,218,803,020 284,370,281 363,498,693 623,145,402 986,644,095 353,747,514 339,436,940 339,436,944 1,032,621,398 371,861,672 342,409,037 714,270,709 100,301,319 339,436,940 339,436,944 779,175,203 129,573,794 129,573,794 439,627,817 857,070,300 439,627,817 857,070,300 1.03 1.50 0.25 0.51 Provisions for Investments including off-B/S items Appropriations: Statutory Reserve Other Reserve Stock Dividend Cash Dividend Retained Earnings Carried Forward Earnings Per Share (EPS) Head of FAD Dhaka, 25 October 2017 Company Secretary Managing Director Director 888,657,128 315,500,000 (74,711,846) Chairman
10. FIRST SECURITY ISLAMI BANK LIMITED CASH FLOW STATEMENT (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Jan-Sept. 2017 Taka A. Cash Flow from Operating Activities Investment Income Receipt Profit paid on Deposits Dividend Receipts Fees & Commission Receipt Payment to Employees Payment to Suppliers Income Tax Paid Receipts from Other Operating Activities Payment for other Operating Activities Jan-Sept. 2016 Taka 21,136,498,160 (10,902,899,799) 6,589,713 421,700,959 (2,066,445,837) (144,210,572) (962,525,003) 546,422,676 (1,182,087,956) 6,853,042,341 19,118,658,996 (11,662,695,863) 6,441,732 229,860,818 (1,715,893,090) (154,920,012) (621,183,640) 247,172,743 (1,070,077,160) 4,377,364,524 Investments to Customers Other Assets Deposits Received from Customers Other Liabilities (38,461,694,461) (176,053,062) 11,612,998,130 4,027,394,196 (22,997,355,197) (32,198,292,409) (149,353,737) 22,456,764,003 26,981,335 (9,863,900,808) Net Cash Inflow/(Outflow) from Operating Activities (16,144,312,856) (5,486,536,284) B. Cash Flow from Investing Activities Investment in Shares and Securities Purchase of Property, Plant and Equipment Sale of Property, Plant and Equipment Net Cash Inflow/(Outflow) from Investing Activities (370,915,985) (209,899,207) (580,815,192) (1,853,658,823) (468,317,607) (2,321,976,430) C. Cash Flow from Financing Activities Receipt/(Payment) of Mudaraba Subordinated Bond Increase/(Decrease) in Placement from Banks & Fls Dividend Paid in Cash Net Cash Inflow/(Outflow) from Financing Activities (382,000,000) 7,746,075,432 (339,436,944) 7,024,638,488 (382,000,000) 38,124,974 (342,409,037) (686,284,063) (9,700,489,560) 47,324,142,183 37,623,652,623 (8,494,796,777) Operating Profit before changes in Operating Assets & Liabilities Increase /(Decrease) in Operating Assets & Liabilities D. Net Increase/Decrease of Cash & Cash Equivalent (A+B+C) Effect of Exchange Rate on Cash & Cash Equivalent E. Opening Cash & Cash Equivalent F. Closing Cash & Cash Equivalent (D+E) Cash in Hand (Including Foreign Currencies) Balance with Bangladesh Bank,other banks, FIS & Placement Head of FAD Dhaka, 25 October 2017 Company Secretary Managing Director 42,470,442,048 33,975,645,271 1,397,400,504 1,377,113,928 36,226,252,119 32,598,531,343 37,623,652,623 33,975,645,271 Director Chairman
11. FIRST SECURITY ISLAMI BANK LIMITED STATEMENT OF CHANGES IN EQUITY (Un-audited) FOR THE 3rd QUARTER ENDED 30 SEPTEMBER 2017 Particulars Balance as on 01 January 2017 Changes in Accounting Policy Restated Balance Surplus/Deficit on account of Revaluation of Properties Surplus/Deficit on account of Revaluation of Investments Net Gains and Losses not Recognized in the Income Statement Net Profit for the period Issue of Bonus Share During the Year Paid-up Capital Statutory Reserve Other Reserve Taka Taka Taka 6,788,738,880 6,788,738,880 2,412,128,110 402,850,965 2,412,128,110 402,850,965 Assets Reval. Reserve Taka 362,198,654 362,198,654 Retained Earnings Taka 736,050,186 736,050,186 Total Taka 10,701,966,795 10,701,966,795 - - - - - - - - - - - - - - - - - - - - - - 339,436,940 Cash Dividend - Transfer to Statutory Reserve - Transfer to Other Reserve - Revaluation reserve to Other Reserve - 736,199,029 (339,436,940) 353,747,514 - - - (339,436,944) - - (353,747,514) - - 736,199,029 (339,436,944) - - - - - Balance as on 30 September 2017 7,128,175,820 2,765,875,624 402,850,965 362,198,654 439,627,817 11,098,728,880 Balance as on 30 September 2016 6,788,738,880 2,274,108,466 75,556,891 372,259,728 857,070,300 10,367,734,265 Head of FAD Dhaka, 25 October 2017 Company Secretary Managing Director Director Chairman
12. Selective Notes to the Financial Statements As at and for the 3rd quarter ended 30 September 2017 01 . Basis of Accounting The financial statements as at and for the 3rd quarter ended 30 September 2017 have been prepared in accordance with Bangladesh Accounting Standard (BAS)-34 “Interim Financial Reporting”, Bangladesh Financial Reporting Standard, Income Tax Ordinance 1984, Bangladesh Bank Circulars, the Securities and Exchange Rules 1987 and other laws and rules applicable in Bangladesh. 02. Accounting Policies In case of preparing these financial statements, the Accounting Policies which have been followed are same as applied in the financial statements of the Bank for preceding period. 03. Basis of Consolidation The consolidated financial statements have been prepared in accordance with Bangladesh Financial Reporting Standards 10-“Consolidated Financial Statements”. The Consolidated Financial Statements are prepared as at and for the 3rd quarter ended 30 September 2017. All intra-group transactions, balances, income and expenses are eliminated at the time of consolidation. 04. Cash and Cash Equivalent As per BRPD circular no. 15 dated November 09, 2009 and BAS-7, cash and cash equivalents include notes and coins in hand, balances lying with ATM, unrestricted balance held with Bangladesh Bank and its agent Bank, balance with other Banks and Financial Institutions, Placement with Banks and other Financial Institutions. 05. Depreciation on Property, Plant and Equipment As required in paragraph 43 of IAS 16-Property, Plant and Equipment, depreciation has been charged at the reducing balance method, except on motor vehicles and building on which straight-line method is applied. Depreciation on addition to fixed assets is charged when the asset is available for use and the charge of depreciation is ceased after the asset is sold out/disposed off/fully depreciated. 06. Provisions a) General Investments and Investments in Shares & Securities Provision for general investment and investment in shares & securities has been made as per directives of Bangladesh Bank issued from time to time. b) Taxation Provision for income tax has been made on taxable income after necessary add back in accordance with the provisions of Finance Act 2017, Income Tax Ordinance 1984 and other relevant legislation as applicable. 07. Retirement Benefits of Employees Required in BAS-19 Employee Benefit, provident fund and gratuity benefits are given to eligible staff of the bank in accordance with the locally registered rules and the entity shall disclose the amount recognized as an expense for defined contribution plan.
13. 08 . Mudaraba Subordinated Bond The Bank issued Redeemable non-convertible FSIBL 1st Mudaraba Subordinated Bond to the tune of Taka 2,500,000,000.00 as Supplementary Capital (Tier-2) of the Bank for a term of 6 years to strengthen the capital base of the Bank under Basel-II. The bond had been fully subscribed by the 02.01.2013. However, the amount of Tk. 1,500,000,000.00 had already been paid up to 30 September 2017 as principal redemption. The Board of Directors of the Bank in its 181st meeting held on February 12, 2017 has decided to issue fully Redeemable non-convertible FSIBL “2nd Mudaraba Subordinated Bond (Private Placement)” amounting to BDT 4,500,000,000.00 (Four hundred fifty crore) through private placements with 7 years maturity for enhancement of Tier-II capital as per requirement of Basel –III. The Bangladesh Securities and Exchange Commission has given consent vided their letter No. BSEC/CI/DS-08/2017/435 dated August 27, 2017 and Bangladesh Bank approval letter no. BRPD(BFIS)661/14B(P)/2017-6560 dated 05.10.2017. The FSIBL 2nd Mudaraba Subordinated Bond is supposed to be fully subscribed within the 31 December 2017. 09. Others Figures relating to previous year/period included in this period have been rearranged wherever considered necessary.