Annual Report of AB Bank Limited in 2011

S.F. AHMED & CO. Chartered Accountants have audited the accompanying consolidated financial statements of AB Bank Limited (“the Bank”) and its subsidiaries, namely, AB Investment Limited, AB Securities Limited, Cashlink Bangladesh Limited, AB International Finance Limited and AB Exchange (UK) Limited which comprise Consolidated Balance Sheet at 31 December 2011 and Consolidated Profit and Loss Statement, Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity and Liquidity Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Accounting policies have been followed in preparing these financial statements are same as applied in financial statements of the Bank of preceding financial year. Provisions for loans and advances have been made as per directives of Bangladesh Bank issued from time to time. Provisions for diminution in value of the investment is made for loss arising on diminution value of investment in quoted shares and is given effect in the accounts on yearly basis based on diminution in value of the investment of quoted shares. Provision for income tax has been made on taxable income after necessary add back in accordance with the provisions of Finance Act 2011, the Income Tax Ordinance 1984 and other relevant legislation as applicable.

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