It is a broadly described annual report of IFIC Bank Limited in the year of 2014. During the year 2014, the Bank deposited BDT 1,527 million of withholding taxes. Besides, the Bank also paid income tax on its earning of BDT 1,165 million during the year 2014, which was BDT 1,010 million in the year 2013. Deposit of the Bank reached BDT 129,746 million in 2014 against BDT 110,464 million in 2013, demonstrating a growth of 17.46%. Foreign Exchange business grew by 5.55% from BDT 183,791 million in 2013 to BM 193,982 million in 2014. Net Interest Income (Nil) increased by 29.85% from BDT 2,612 million in 2013 to BDT 3,392 million in 2014. Operating Profit of the Bank raised by 7.63% from BDT 2,948 million in 2013 to BDT 3,173 million in 2014. Net Profit after Tax increased to BDT 1,545 million in 2014 from BDT 1,345 million in 2013, representing a growth of 14.81%. The Earnings per Share (EPS) for the year 2014 has increased to Tk. 3.53 compared to Tk. 3.07 in last year.
To strengthen the capital base of the Bank, the Board of Directors in its 648th Meeting held on April 09th, 2015 has recommended @15% Stock Dividend for the Shareholders for the year 2014 subject to the approval of the Shareholders in the 38th Annual General Meeting. These financial statements are presented in Bangladesh Taka (Taka/Tk/BDT) which is the company’s functional currency. All financial information presented in Taka has been rounded off to the nearest Taka.
More Annual Report of IFIC Bank Limited in the year of 2016:
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