It is a broadly described annual report of IFIC Bank Limited in the year of 2016. During the year 2016, the Bank deposited BDT 1,801 million of withholding tax, BDT 170 million of withholding VAT and BDT 194 million of Excise Duty. Besides, the Bank also paid income tax on its earning of BDT 937 million and VAT of BDT 107 million during the year 2016. Deposit of the Bank stood at BDT 160,155 million in 2016 against BDT 146,820 million in 2015, representing a growth of 9.08%. Loans and Advances increased to BDT 137,118 million in 2016 from BDT 123,269 million in 2015, posting a growth of 11.24%. Net Interest Income increased by 16.79% from BDT 3,746 million in 2015 to BDT 4,375 million in 2016 as well as Net Profit after Tax increased to BDT 1,214 million in 2016 from BDT 887 million in 2015, representing a growth of 36.88%.
The Board of Directors in its 699th Meeting held on 06th April 2017 has recommended @ 12% Stock Dividend for the Shareholders for the year 2016 subject to the approval of the Shareholders in the 40th 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: