Un-audited Financial Statements as at ... - IFIC Bank · PDF fileINTERNATIONAL FINANCE...

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITED

Un-audited Financial Statements

as at and for the Third Quarter Ended 30 September 2015

Amount in BDT

Note 30 September 2015 31 December 2014

PROPERTY AND ASSETS

Cash 13,867,767,540 10,402,677,369

Cash in hand (including foreign currencies) 3.a 1,928,748,363 1,833,243,747

Balance with other banks and financial institutions 6,703,145,293 12,049,563,141

In Bangladesh 4.a 5,256,382,495 11,214,966,414

Outside Bangladesh 4.b 1,446,762,798 834,596,727

Money at call and on short notice 5 - 1,450,000,000

Investments 31,056,951,999 24,030,515,229

Government securities 6.a 24,853,477,141 17,217,294,297

Other investments 6.b 6,203,474,858 6,813,220,933

Loans and advances 114,269,642,395 104,419,397,669

Loans, cash credits, overdrafts etc. 7.a 105,566,873,827 96,670,129,520

Bills purchased and discounted 8.a 8,702,768,568 7,749,268,149

Fixed assets including premises, furniture and fixtures 9.a 3,152,242,217 2,946,853,254

Other assets 10.a 4,397,285,380 3,371,653,934

Non-banking assets 11 373,474,800 373,474,800

Total assets 173,820,509,623 159,044,135,397

LIABILITIES AND CAPITAL

Liabilities

12.a 5,852,912,548 5,924,591,258

Deposit and other accounts 13.a 142,199,992,381 129,863,053,203

Current deposit and other accounts 16,907,840,842 15,582,027,154

Bills payable 2,856,988,222 1,874,975,364

Savings bank deposit 22,785,759,915 18,366,462,687 Fixed deposit 99,649,403,402 94,039,587,998

Other liabilities 14.a 12,886,806,643 11,359,482,025

Total liabilities 160,939,711,572 147,147,126,486

Capital / Shareholders' equity

Paid up capital 15.2 5,034,124,170 4,377,499,280

Statutory reserve 16 3,909,507,173 3,909,507,173

General reserve 17 55,771,397 55,771,397

Revaluation reserve against securities 18.a 13,929,134 1,575,539

Revaluation reserve against fixed assets 19 115,314,704 115,314,704

Reserve against non banking assets - -

Foreign currency translation gain/(loss) 21.a 1,728,039 1,230,102

Surplus in profit and loss account 22.a 3,750,415,985 3,436,103,270

Attributable to equity holders 12,880,790,602 11,897,001,465

Non controlling interest 23 7,448 7,445

Total shareholders' equity 12,880,798,051 11,897,008,910

Total liabilities and shareholders' equity 173,820,509,623 159,044,135,397


Consolidated Balance Sheet

as at 30 September 2015 (Un-audited)

Particulars

Balance with Bangladesh Bank and its agent bank(s) (including foreign

currencies) 11,939,019,177 3.b 8,569,433,622

Borrowing from other banks, financial institutions and agents

1

Amount in BDT

Note 30 September 2015 31 December 2014Particulars

OFF BALANCE SHEET ITEMS

Contingent liabilities 24 45,073,566,894 47,824,432,743

Acceptances and endorsements 24.1 14,748,371,984 17,819,035,175

Letters of guarantee 24.2 9,650,341,928 6,644,832,531

Irrevocable letters of credit 24.3 13,836,483,311 14,473,667,235

Bills for collection 24.4 6,838,369,671 8,886,897,802

Other contingent liabilities - -

Other commitments - -

Documents 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 45,073,566,894 47,824,432,743

Net Asset Value (NAV) Per Share [Y2014 Restated] 25.59 23.63

These financial statements should be read in conjunction with the annexed notes.

Managing Director Director

Director Chairman

Dhaka, 23 August 2015

M. J. Abedin & Co.Chartered Accountants

Company

Secretary

DMD & CFO Managing Director

Director Director

2

Amount in BDT

Particulars Note1 January to

30 September 2015

1 January to

30 September 2014

1 July to 30

September 2015

1 July to 30

September 2014

Interest income 26.a 9,419,982,330 8,880,126,069 3,175,016,034 3,011,569,985

Interest paid on deposits, borrowings etc. 27.a 6,681,038,374 6,416,807,801 2,323,647,447 2,076,736,448

Net Interest income 2,738,943,957 2,463,318,268 851,368,588 934,833,537

Investment income 28.a 1,724,006,280 1,760,152,630 500,206,102 530,725,001

Commission, exchange and brokerage 29.a 1,113,996,430 1,091,771,799 330,105,559 355,516,837

Other operating income 30.a 412,452,001 371,447,590 130,734,047 115,351,970

3,250,454,711 3,223,372,018 961,045,708 1,001,593,808

Total operating income 5,989,398,668 5,686,690,287 1,812,414,296 1,936,427,345

Salaries and allowances 31.a 1,564,968,531 1,484,576,558 533,267,607 548,226,288

Rent, taxes, insurance, electricity etc. 32.a 542,779,024 522,265,617 186,766,684 189,343,334

Legal expenses 33.a 8,595,156 3,968,840 2,399,721 2,101,320

Postage, stamp, telecommunication etc. 34.a 73,588,005 66,624,436 24,070,813 22,515,500

Stationery, printing, advertisement etc 35.a 118,838,147 98,332,640 33,176,271 43,096,008

Managing Director's salary 36 10,645,000 10,645,000 4,615,000 4,615,000

Directors' fees 37.a 582,500 965,750 168,750 324,660

Auditors' fee 38.a 641,454 575,000 (5,443) -

Charges on loan loss 39 69,825,108 - 69,825,108 -

Depreciation and repair of bank's assets 40.a 304,821,670 229,205,151 113,888,037 90,622,580

Other expenses 41.a 456,761,527 475,169,085 164,229,374 171,079,675

Total operating expenses 3,152,046,122 2,892,328,076 1,132,401,923 1,071,924,366

Operating profit 2,837,352,545 2,794,362,211 680,012,373 864,502,979

41.b 190,164,416 301,442,958 64,211,118 55,147,652

Profit before provision 3,027,516,962 3,095,805,169 744,223,491 919,650,632

42.a

Specific provision 1,445,902,235 480,376,159 851,964,377 379,143,198

General provision - 323,000,000 (180,000,000) 118,000,000

Provision for off-shore banking unit - - - -

Provision for off-balance sheet exposures (25,000,000) 35,000,000 (15,000,000) -

Provision for diminution in value of investments (18,573,106) (580,000,000) (30,341,143) (586,000,000)

Provision for other assets 37,775,569 246,000,000 15,000,000 160,000,000

Total provision 1,440,104,698 504,376,159 641,623,234 71,143,198

Profit/(Loss) before taxes 1,587,412,264 2,591,429,010 102,600,257 848,507,434

Provision for taxation

Current tax 43.a 704,673,513 1,256,345,813 (200,000,000) 393,913,393

Deferred tax 43.b (171,995,155) (79,927,913) 36,429,143 (68,585,839)

532,678,358 1,176,417,900 (163,570,857) 325,327,554

Net profit after taxation 1,054,733,906 1,415,011,110 266,171,114 523,179,879

Earnings per share (EPS) [Y2014 Restated] 2.10 2.81 0.53 1.04


Managing Director Director

Signed as per our annexed report of same date

Dhaka, 23 August 2015

Chairman

M. J. Abedin & Co.

Chartered Accountants

Company

Secretary

DMD & CFO Managing Director Director

Director Director


Consolidated Profit and Loss Account

for the third quarter ended 30 September 2015 (Un-audited)

Share of profit of investment in associate &

joint venture

Provision for loans, investments and

other assets

3

Amount in BDT


30 September 2015

1 January to

30 September 2014

A. Cash flows from operating activities

Interest received 11,159,848,933 10,657,668,811

Interest payments (6,419,902,400) (6,149,485,020)

Dividend received 149,775,711 35,403,649

Fees and commission received 1,113,996,430 1,091,771,799

Recoveries of loans and advances previously written-off 69,395,718 69,661,886

Cash payments to employees (1,755,613,531) (1,485,926,201)

Cash payments to suppliers (178,781,692) (84,326,481)

Income taxes paid (863,678,140) (1,451,824,922)

Receipts from other operating activities 44.a 428,683,839 435,600,195

Payments for other operating activities 45.a (1,137,630,049) (1,145,182,711)

Operating cash flows before changing in operating assets and liabilities 2,566,094,820 1,973,361,006

Increase/(decrease) in operating assets and liabilities

Statutory deposits - -

Loans and advances to other banks - -

Loans and advances to customers (9,711,947,611) (9,519,707,995)

Other assets 47.a (1,033,634,735) (135,834,052)

Deposits from other banks (261,230,000) (535,557,000)

Deposits from customers 12,598,169,178 7,619,345,657

Trading liabilities - -

Other liabilities 48.a 353,352,983 302,758,301

1,944,709,815 (2,268,995,089)

Net cash flows from operating activities 4,510,804,636 (295,634,083)

B. Cash flows from investing activities

Net proceeds/(payments) from sale/(purchase) of Government securities (7,883,970,322) 287,921,083

Net proceeds/(payments) from sale/(purchase) of securities 538,557,559 (225,535,500)

Purchase of property, plant & equipment (274,821,841) (159,018,219)

Proceeds from sale of property, plant & equipment 5,963,849 18,842,949

Payment against lease obligation (5,045,571) (3,405,207) -

Net cash from investing activities (7,619,316,325) (81,194,894)

C. Cash flows from financing activitiesBorrowing from other banks, financial institution and agents (71,678,710) 1,557,909,566

Receipts from issue of sub-ordinated bond - -

Dividend paid - -

Net cash flows from financing activities (71,678,710) 1,557,909,566

D. Net increase/(decrease) in cash (A+B+C) (3,180,190,400) 1,181,080,589

E. Effects of exchange rate changes on cash and cash equivalents (149,208,278) (26,549,177)

F. Opening cash and cash equivalents 23,908,092,411 19,729,500,179

G. Closing cash and cash equivalents (D+E+F) 46.a 20,578,693,733 20,884,031,591

Closing cash and cash equivalents

Cash in hand 1,928,748,363 2,013,269,063

Balance with Bangladesh Bank and its agents bank 11,939,019,177 8,411,744,877


Money at call and on short notice - 700,000,000

Prize bonds 7,780,900 5,917,400

20,578,693,733 20,884,031,591

Net Operating Cash Flow Per Share (NOCFPS) 8.96 (0.59)



Consolidated Cash Flow Statement


4

Particulars Paid up capitalStatutory

reserve

Assets

revaluation

reserve

General

reserve

Revaluation

gain/loss on

investments

F.C

translation

gain/(Loss)

Retained

earnings

Minority

interestTotal

Balance as at 1 January 2015 4,377,499,280 3,909,507,173 115,314,704 55,771,397 1,575,539 1,230,102 3,436,103,270 7,445 11,897,008,910

Impact of changes in accounting policy - - - - - - - - -

Restated balance as at 1 January 2015 4,377,499,280 3,909,507,173 115,314,704 55,771,397 1,575,539 1,230,102 3,436,103,270 7,445 11,897,008,910 Surplus/deficit on account of revaluation of investments - - - - 12,353,595 - - - 12,353,595 Currency translation differences - - - - - - - - - Net gains and losses not recognized in the income - - - - - 497,937 - - 497,937

Net profit for the period - - - - - - 1,054,733,903 3 1,054,733,906

Dividends (Bonus shares) for the year 2014 656,624,890 - - - - - (656,624,890) - -

Cash dividend from investment in associate & joint venture - - - - - - (83,796,297) - (83,796,297)

Appropriation made during the period - - - - - - - - -

Balance as at 30 September 2015 5,034,124,170 3,909,507,173 115,314,704 55,771,397 13,929,133 1,728,039 3,750,415,985 7,448 12,880,798,051

Balance as at 1 January 2014 3,806,521,120 3,374,079,154 115,314,704 55,771,397 26,025,690 (50,909) 1,868,073,567 7,201 9,245,741,924


Restated balance as at 31 January 2014 3,806,521,120 3,374,079,154 115,314,704 55,771,397 26,025,690 (50,909) 1,868,073,567 7,201 9,245,741,924 Surplus/deficit on account of revaluation of properties - - - - - - - - - Surplus/deficit on account of revaluation of investments - - - - (23,544,189) - - - (23,544,189)

Currency translation differences - - - - - - - - - Net gains and losses not recognized in the income

statement - - - - - 505,631 - - 505,631

Net profit for the period - - - - - - 4 142 146



Balance as at 30 September 2014 4,377,499,280 3,374,079,154 115,314,704 55,771,397 2,481,501 454,722 1,297,095,411 7,343 9,222,703,512


Consolidated Statement of Changes in Equity


Amount in BDT

5

Amount in BDT

Particulars Note 30 September 2015 31 December 2014

PROPERTY AND ASSETS

Cash 3 13,848,750,742 10,398,813,316

Cash in hand (including foreign currencies) 3.1 1,909,731,565 1,829,379,694

Balance with other banks and financial institutions 4 6,706,243,207 12,042,832,451

In Bangladesh 4.1 5,261,252,008 11,214,966,413

Outside Bangladesh 4.2 1,444,991,199 827,866,037

Money at call and on short notice 5 - 1,450,000,000

Investments 6 29,765,324,297 22,845,255,886

Government securities 6.1 24,853,477,141 17,217,294,297

Other investments 6.2 4,911,847,156 5,627,961,589

Loans and advances 7 111,957,609,779 102,282,149,309

Loans, cash credits, overdrafts etc. 7.1 103,254,841,211 94,532,881,160

Bills purchased and discounted 8 8,702,768,568 7,749,268,149

Fixed assets including premises, furniture and fixtures 9 3,136,763,453 2,929,319,758

Other assets 10 5,095,881,618 4,016,791,501

Non-banking assets 11 373,474,800 373,474,800

Total assets 170,884,047,897 156,338,637,021

LIABILITIES AND CAPITAL

Liabilities

Deposit and other accounts 13 142,242,278,554 129,745,805,362

Current deposit and other accounts 13.1 16,950,127,015 15,464,779,314

Bills payable 13.2 2,856,988,222 1,874,975,364

Savings bank deposit 13.3 22,785,759,915 18,366,462,687

Fixed deposit 13.4 99,649,403,402 94,039,587,998

Other liabilities 14 11,595,359,065 10,343,270,674

Total liabilities 159,385,048,258 145,710,521,153

Capital / Shareholders' equity

Paid up capital 15.2 5,034,124,170 4,377,499,280

Statutory reserve 16 3,909,507,173 3,909,507,173

General reserve 17 55,771,397 55,771,397

Revaluation reserve against securities 18 13,929,134 1,575,539

Revaluation reserve against fixed assets 19 115,314,704 115,314,704

Reserve against non banking assets 20 - -

Foreign currency translation gain/(loss) 21 - -

Surplus in profit and loss account 22 2,370,353,062 2,168,447,775

Attributable to equity holders 11,498,999,639 10,628,115,868

Non controlling interest 23 - -

Total shareholders' equity 11,498,999,639 10,628,115,868

Total liabilities and shareholders' equity 170,884,047,897 156,338,637,021

8,569,433,622


Separate Balance Sheet

as at 30 September 2015 (Un-audited)

Balance with Bangladesh Bank and its agent bank(s) (including foreign

currencies)

Borrowing from other banks, financial Institutions and agents 12 5,547,410,639 5,621,445,116

3.2 11,939,019,177

6

Amount in BDT

Particulars Note 30 September 2015 31 December 2014

OFF BALANCE SHEET ITEMS

Contingent liabilities 24 45,073,566,894 47,824,432,743



Irrevocable letters of credit 24.3 13,836,483,311 14,473,667,235



Other commitments - -

Documents 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 45,073,566,894 47,824,432,743

Net Asset Value(NAV) Per Share [Y2014 Restated] 22.84 21.11


Managing Director Director Director Director

Director ChairmanManaging Director

Chartered AccountantsM. J. Abedin & Co.

Company

SecretaryDMD & CFO

7

Amount in Taka Amount in BDT


30 September 2015

1 January to

30 September 2014

1 July to 30

September 2015

1 July to 30

September 2014

Interest income 26 9,392,879,059 8,844,533,714 3,173,396,257 2,996,458,606

Interest paid on deposits, borrowings, etc. 27 6,651,695,556 6,376,064,835 2,313,192,762 2,063,066,869

Net Interest income 2,741,183,504 2,468,468,879 860,203,496 933,391,736

Investment income 28 1,723,963,380 1,748,249,080 500,206,102 530,725,001

Commission, exchange and brokerage 29 1,038,824,274 1,021,601,306 304,063,235 323,701,999

Other operating income 30 411,521,332 370,652,241 129,899,390 114,709,619

3,174,308,986 3,140,502,626 934,168,727 969,136,619

Total operating income 5,915,492,489 5,608,971,506 1,794,372,222 1,902,528,355

Salaries and allowances 31 1,545,779,042 1,464,380,979 526,890,613 540,425,150

Rent, taxes, insurance, electricity, etc. 32 531,312,256 511,772,949 182,663,875 185,581,764

Legal expenses 33 7,373,014 3,547,097 1,869,187 1,982,302

Postage, stamp, telecommunication, etc. 34 73,485,718 66,447,959 24,038,673 22,474,969

Stationery, printing, advertisement, etc 35 118,107,642 97,623,696 33,055,933 42,881,878

Managing Director's salary 36 10,645,000 10,645,000 4,615,000 4,615,000

Directors' fees 37 525,000 845,000 140,000 335,000

Auditors' fee 38 400,000 575,000 - -

Charges on loan loss 39 69,825,108 - 69,825,108 -

Depreciation and repair of bank's assets 40 301,921,948 225,352,622 112,985,914 88,903,821

Other expenses 41 436,202,887 457,872,493 157,815,841 162,990,678

Total operating expenses 3,095,577,617 2,839,062,794 1,113,900,145 1,050,190,561

Profit/(Loss) before provision 2,819,914,873 2,769,908,711 680,472,078 852,337,794

42

Specific provision 1,440,604,282 480,000,000 864,659,569 380,000,000

General provision - 323,000,000 (180,000,000) 118,000,000

Provision for off-Shore Banking unit - - - -

Provision for off-balance sheet exposure (25,000,000) 35,000,000 (15,000,000) -

Provision for diminution in value of investments (20,000,000) (580,000,000) (30,000,000) (586,000,000)

Other provisions 37,775,569 246,000,000 15,000,000 160,000,000

Total Provision 1,433,379,851 504,000,000 654,659,569 72,000,000

Profit/(Loss) before taxes 1,386,535,022 2,265,908,711 25,812,509 780,337,794

Provision for taxation 43

Current tax 700,000,000 1,250,000,000 (200,000,000) 390,000,000

Deferred tax expense/(income) (171,995,155) (79,927,913) 36,429,143 (68,585,839)

528,004,845 1,170,072,087 (163,570,857) 321,414,161

Net profit after taxation 858,530,177 1,095,836,624 189,383,365 458,923,633

Earnings per share (EPS) [Y2014 Restated]50 1.71 2.18 0.38 0.91


Managing Director Director Director

Chairman

Chartered Accountants

Provision for loans, investments and

other assets

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITEDSeparate Profit and Loss Account


Director

Company

SecretaryDMD & CFO Managing Director Director

8

Amount in BDT


30 September 2015

1 January to

30 September 2014

A. Cash flows from operating activities

Interest received 11,132,745,662 10,622,076,456

Interest payments (6,390,559,582) (6,108,742,054)

Dividend received 149,732,811 35,360,749

Fees and commission received 1,038,824,274 1,021,601,306

Recoveries of loans and advances previously written-off 69,395,718 69,661,886

Cash payments to employees (1,736,424,042) (1,465,730,622)

Cash payments to suppliers (178,781,692) (84,326,481)

Income taxes paid (863,678,140) (1,451,824,922)

Receipts from other operating activities 44 427,710,270 422,901,296

Payments for other operating activities 45 (1,103,250,753) (1,115,965,537)

Operating cash flows before changing in operating assets and liabilities 2,545,714,526 1,945,012,078

Increase/(decrease) in operating assets and liabilities .

Statutory deposits - -

Loans and advances to other banks - -

Loans and advances to customers (9,757,576,934) (9,191,806,295)

Other assets 47 (1,088,919,926) (164,318,398)

Deposits from other banks (261,230,000) (535,557,000)

Deposits from customers 12,757,703,191 7,637,397,328

Trading liabilities - -

Other liabilities 48 71,475,505 16,891,632

1,721,451,837 (2,237,392,732)

Net cash flows from operating activities 4,267,166,362 (292,380,655)

B. Cash flows from investing activities

Net proceeds/(payments) from sale/(purchase) of Government securities (7,883,970,322) 287,921,083

Net proceeds/(payments) from sale/(purchase) of securities 644,925,918 (260,430,242)

Purchase of property, plant & equipment (274,862,041) (159,018,219)

Proceeds from sale of property, plant & equipment 4,584,215 18,842,949

Payment against lease obligation (5,045,571) (3,405,207)

Net cash from investing activities (7,514,367,801) (116,089,636)

C. Cash flows from financing activitiesBorrowing from other banks, financial institution and agents (74,034,477) 1,557,909,566

Receipts from issue of sub-ordinated bond - -

Dividend paid - -

Net cash flow from financing activities (74,034,477) 1,557,909,566

D. Net increase/(decrease) in cash (A+B+C) (3,321,235,916) 1,149,439,275

E. Effects of exchange rate changes on cash and cash equivalents (13,486,902) (22,618,793)

F. Opening cash and cash equivalents 23,897,497,667 19,721,469,665

G. Closing cash and cash equivalents (D+E+F) 46 20,562,774,849 20,848,290,147

Closing cash and cash equivalents

Cash in hand 1,909,731,565 1,995,732,042

Balance with Bangladesh Bank and its agents bank 11,939,019,177 8,411,744,877


Money at call and on short notice - 700,000,000

Prize bonds 7,780,900 5,917,400

20,562,774,849 20,848,290,147

Net Operating Cash Flow Per Share (NOCFPS) 8.48 (0.58)




Separate Cash Flow Statement

9

Particulars Paid up capitalStatutory

reserve

Assets

revaluation

reserve

General

reserve

Revaluation

gain/loss on

investments

F.C

translati

on

gain/Los

Retained

earnings

Minority

interestTotal

Balance as at 1 January 2015 4,377,499,280 3,909,507,173 115,314,704 55,771,397 1,575,539 - 2,168,447,775 - 10,628,115,868


Restated balance as at 1 January 2015 4,377,499,280 3,909,507,173 115,314,704 55,771,397 1,575,539 - 2,168,447,775 - 10,628,115,868

Surplus/deficit on account of revaluation of investments - - - - 12,353,595 - - - 12,353,595

Currency translation differences - - - - - - - - - Net gains and losses not recognized in the income statement - - - - - - - - -

Net profit for the period - - - - - - 858,530,177 - 858,530,177



Balance as at 30 September 2015 5,034,124,170 3,909,507,173 115,314,704 55,771,397 13,929,133 - 2,370,353,061 - 11,498,999,639

Balance as at 1 January 2014 3,806,521,120 3,374,079,154 115,314,704 55,771,397 16,043,518 - 1,730,120,902 - 9,097,850,795


Restated balance as at 1 January 2014 3,806,521,120 3,374,079,154 115,314,704 55,771,397 16,043,518 - 1,730,120,902 - 9,097,850,795

Surplus/deficit on account of revaluation of investments - - - - (13,562,017) - - - (13,562,017)

Currency translation differences - - - - - - - - -

Net gains and losses not recognized in the income statement - - - - - - - - -

Net profit for the period - - - - - - 1,095,836,624 - 1,095,836,624



Balance as at 30 September 2014 4,377,499,280 3,374,079,154 115,314,704 55,771,397 2,481,501 - 2,254,979,366 - 10,180,125,402

Amount in BDT

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITEDSeparate Statement of Changes in Equity


10

Notes to the Financial Statements

as at and for the third quarter ended 30 September 2015 (un-audited)

1 Legal status and nature of the Bank

1.1 IFIC Bank Limited

1.2 Nature of business activities

1.3 Off-shore Banking Unit (OBU)

1.4 IFIC Securities Limited

1.5 IFIC Money Transfer (UK) Limited

IFIC Bank Limited denoted as International Finance Investment and Commerce Bank Limited, started its journey in 1976 at the

instance of the Government as a joint venture between the Government of Bangladesh and sponsors in the private sector with the

objective of working as a finance company. In 1983 when the Government allowed to open up banking in the private sector, the

finance company was converted into a full fledge commercial bank and incorporated as a public limited company in Bangladesh

under the Companies Act 1913, currently governed under the Bank Companies Act 1991 (amended up to 2013) and rules and

regulations issued by Bangladesh Bank. The registered office of the Bank is situated at BDBL Bhaban (8th - 10th & 16th-19th

floors), 8 Rajuk Avenue, Dhaka-1000. Its shares are listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange

Limited. The Government of the People's Republic of Bangladesh now holds 32.75% shares of the Bank. Directors and Sponsors

hold 11.31% share and the remaining 55.94% share held by the general public.

At present, the Bank has 121 branches and 53 own ATM booths. The Bank has an Off-shore Banking Unit (OBU) located at Dhaka

and also two wholly owned subsidiary companies namely IFIC Securities Limited and IFIC Money Transfer (UK) Limited. Moreover,

the Bank also has investment in joint venture companies in abroad namely Nepal Bangladesh Bank Limited, Oman International

Exchange LLC and NIB Bank Limited, Pakistan.

The principal activities of the Bank are to provide all types of commercial banking services, within the stipulations laid down by

Bank Companies Act 1991 and directives as received from Bangladesh Bank time to time, through its branches, SME centre and

alternative delivery channels like ATM Booths, Mobile and Internet Banking.

Off-shore Banking Unit (OBU) is a separate business unit of IFIC Bank Limited . Bank obtained permission for OBU operations

from Bangladesh Bank vide its letter no. BRPD (P-3) 744 (104)/2009-4233 dated 17 November 2009. The unit commenced its

operation from 19 May 2010. Presently the bank has 01 (one) Off-shore Banking Unit in Bangladesh. The OBU is governed under

the rules and regulations of Bangladesh Bank.

IFIC Securities Limited, a fully owned subsidiary company of IFIC Bank Limited was incorporated as a public limited company in

Bangladesh on 2 November 2010 vide certificate of incorporation no. C-87904/10 having registered office at BDBL Bhaban 8th

floor, 8 Rajuk Avenue, Dhaka-1000. It acquired membership of Dhaka Stock Exchange Limited for brokerage transaction vide

Bangladesh Security Exchange Commission (BSEC) certificate no. 3.1/DSE-192/2009/316 dated 1 January 2009. The main

objectives of the company is to carry out the business of stock brokers/ dealers relating to dealing of shares and securities as well

as other services as mentioned in the Memorandum and Articles of Association of the company. The operation of the company

starts on 10 March 2011.

IFIC Money Transfer (UK) Limited was incorporated as a private limited company with Companies House of England and Wales

under registration no. 07379137 on 16 September 2010. The company is a wholly owned subsidiary of IFIC Bank Limited. IFIC

Money Transfer (UK) Limited obtained Money Laundering registration on 17 January 2011 issued by HM Customs and Excise. The

company got registration from Financial Services Authority (FSA) on 16 June 2011 under Payment Services Regulations 2009.

The company commenced its operation on 31 August 2011. The registered office of the company is located at Ferrari House, 2nd

Floor, 102 College Road, Harrow, Middlesex, United Kingdom HAI IES, London, UK. The Bank has obtained necessary permission

from Bangladesh Bank to open the fully owned subsidiary in UK.

11

2 Basis of preparation and significant accounting policies of Financial Statements

2.1 Statement of compliance

2.2 Basis of consolidated and combined financial statements

2.3 Accounting for associates

2.4 Cash flow statement

2.5 Statement of changes in equity

2.6 Reporting period

These financial statements cover first half-year from 1 January 2015 to 30 September 2015.

2.7 Earnings per share (EPS)

2.8 Events after the Reporting Period

In order to comply with the BAS 28: Investment in Associates and Joint Venture and BFRS 11: Joint Arrangement, the Bank

required to account for investment in associates and jont ventures under equity method of accounting through initial recognition of

the investment in an associate or a joint venture at cost, and changes of carrying amount of investment due to recognition of the

investor's share of the profit or loss after the date of acquisition. Therefore, until 30 September 2014, equity method of accounting

was not followed in the Group's consolidated financial statements of IFIC Bank Limited. However, there was practical limitations

with regards to location of the investee in abroad and financial year of one of the investees is quite different from that of the Bank

(17 July each year). As a result, relevant figures of the year/period have been restated to reflect the equity method of accounting

for associates and joint ventures in the consolidated financial statements. The seperate financial statements of the Bank are not

impacted by these changes.

Cash flow statement has been prepared in accordance with BAS 7 "Cash Flow Statement" and under the guideline of Bangladesh

Bank BRPD Circular no. 14 dated 25 June 2003 in direct method as recommended.

Statement of changes in equity has been prepared in accordance with BAS 1 "Presentation of Financial Statements" and following

the guidelines of Bangladesh Bank BRPD Circular no. 14 dated 25 June 2003. It reflects information about the increase or

decrease in net wealth.

Earnings per share (EPS) is calculated in accordance with BAS 33: Earnings Per Share , which has been shown on the face of the

profit and loss account.

No other material event occurred after the balance sheet date, which would materially affect the amounts or disclosures in these

financial statements.

The seperate financial statements of the Bank and the consolidated financial statements of the Group comprising the Bank and its

subsidiaries as at and for the third quarter ended 30 September 2015 have been prepared on a going concern basis following

accrual basis of accounting except cash flow statement and under the historical cost basis, except for Government securities

which are stated at fair/market value and freehold land which are measured at revalued amount in accordance with the "First

Schedule" (section 38) of the Bank Companies Act 1991, as amended by the BRPD Circular no. 14 dated 25 June 2003, rules &

regulations issued by Bangladesh Bank time to time, the Companies Act 1994, the Securities and Exchange Rules 1987, listing

regulations of Dhaka and Chittagong Stock Exchanges’, International Financial Reporting Standards (IFRSs) as adopted in

Bangladesh by the Institute of Chartered Accountants of Bangladesh as Bangladesh Financial Reporting Standards (BFRSs)

except in the circumstances where local regulations differ, and with other applicable laws and regulations applicable in

Bangladesh. In case the requirement of provisions and circulars issued by Bangladesh Bank differ with those of other regulatory

authorities and BFRSs, the provisions and circulars issued by Bangladesh Bank have been applied.

The financial statements of the Bank includes the Consolidated Financial Statements of the Bank as a Group of Bank and its

subsidiaries and the Seperate Financial Statements of the Bank as the stand-alone entity. The consolidated financial statements

include the financial statements of the Bank and its two subsidiary companies namely, IFIC Securities Limited operating in

Bangladesh and IFIC Money Transfer (UK) Limited operating in United Kingdom made up to the end of the financial period. The

seperate financial statements are derived by combining the financial statements of main operation of IFIC Bank Limited and the

financial statements of Off-shore Banking Unit operating in Bangladesh.

The consolidated financial statements have been prepared in accordance with BAS 27: Separate Financial Statements and BFRS

10: Cosolidated Financial Statements . The consolidated financial statements are prepared to a common financial third quarter

ended 30 September 2015. Both consolidated financial statements and separate financial statements of the Bank comprises

Balance Sheet, Profit & Loss Statement, Cash Flow Statement, Statement of Changes in Equity, Liquidity Statements and relevant

notes and disclosures.

12

Notes to the Financial Statements as at and for the third quarter ended 30 September 2015 (un-audited)

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

3 Cash

Cash in hand (including foreign currencies) 3.1 1,909,731,565 1,829,379,694

3.2 11,939,019,177 8,569,433,622

13,848,750,742 10,398,813,316

3.1 Cash in hand (including foreign currencies)Local currency in hand 1,801,453,668 1,705,383,369

Foreign currencies in hand 17,017,663 26,451,957

Cash with ATM 91,260,235 97,544,368

1,909,731,565 1,829,379,694

3.2 Balance with Bangladesh Bank and its agents bank

Bangladesh BankLocal currency 9,102,855,275 7,873,724,336

Foreign currency 2,633,221,453 316,360,496

11,736,076,728 8,190,084,832

Sonali Bank as agent of Bangladesh Bank 202,942,449 379,348,790

11,939,019,177 8,569,433,622

3.a Consolidated cash in hand

IFIC Bank Limited 3.1 1,909,731,565 1,829,379,694

IFIC Securities Limited 67,914 40,350

IFIC Money Transfer (UK) Limited 18,948,883 3,823,703 1,928,748,363 1,833,243,747

3.b Balance with Bangladesh Bank and its agents bank


IFIC Securities Limited - - IFIC Money Transfer (UK) Limited - -

11,939,019,177 8,569,433,622

13,867,767,540 10,402,677,369

4 Balance with other banks and financial institutions

In Bangladesh 4.1 5,261,252,008 11,214,966,413

Outside Bangladesh 4.2 1,444,991,199 827,866,037

6,706,243,207 12,042,832,451

4.1 In Bangladesh

In current deposit account with

Agrani Bank Ltd. 5,038,588 46,033,163

Sonali Bank Ltd. 141,087 1,802

5,179,676 46,034,966

In special notice deposit account with

Trust Bank Ltd 35,265,681 28,778,838

Standard Chartered Bank 12,365,262 19,718,879

47,630,944 48,497,717

In beneficiary owner (BO) account withIFIC Securities Ltd. 8,375,848 170,307,518 ICB Securities - 60,672 Latif Securities 65,541 65,541

8,441,389 170,433,731

In fixed deposit account with banks and NBFIs

Peoples Leasing & Financial Services Ltd. 150,000,000 200,000,000

Bangladesh Indudtrial Finance Company Ltd. 400,000,000 900,000,000

Balance with Bangladesh Bank and its agent bank(s) (including

foreign currencies)

13

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

IIDFC 150,000,000 150,000,000

Mercantile Bank Ltd. - 700,000,000

Investment Corporation of Bangladesh(ICB) 4,500,000,000 7,000,000,000

Bank Alfalah Ltd. - 200,000,000

Eastern Bank Ltd. - 900,000,000

BRAC Bank Ltd. - 900,000,000

5,200,000,000 10,950,000,000

5,261,252,008 11,214,966,413

4.2 Outside Bangladesh (NOSTRO Accounts)

Current account

J.P. Morgan Chase Bank, New York 206,999,938 246,399,789

Citi Bank N.A. New York 107,930,642 26,294,461

HSBC Bank , New York 227,373,891 141,075,757

Standard Chartered Bank, London 11,505,026 14,672,284

Masreq Bank PSC, New York 269,892,949 141,313,122

Mashreq Bank, PSC, Mumbai, India 40,757,876 30,326,818

Standard Chartered Bank, New York 97,486,074 36,110,261

Wells Fargo Bank, New York 91,582,848 43,756,461

Sonali Bank, (UK) Limited 31,434,595 22,766,366

Standard Chartered Bank, Kolkata 22,074,543 6,672,438

AB Bank Ltd., Mumbai 28,678,351 1,145,103

NIB Bank Ltd, Karachi, Pakistan 37,435,066 20,173,779

National Trust Bank Ltd., Colombo 2,431,907 3,220,875

Nepal Bangladesh Bank Ltd., Kathmandu, Nepal 11,582,794 11,484,215

Sonali Bank, Kolkata 15,942,925 18,668,811

State Bank of India, Kolkata 4,792,322 4,801,525

Bank of Bhutan, Phuentosoling 206,999 2,638,482

ICIC Bank Ltd. 9,815,685 8,725,430

Commerz Bank AG, Frankfurt 79,744,872 33,729,371

Habib American Bank, New York 76,165,911 590,856

J.P. Morgan Chase Bank, Sydney 2,125,766 503,602

The Bank Nova Scotia, Toronto, Canada - (176,591)

Habib Bank AG , Zurich 7,828 588,899

Commerz Bank AG,Frankfurt 32,164,206 (15,054,682)

J.P. Morgan Chase Bank AG, Frankfurt 3,099,152 3,614,231 Sonali Bank UK London 791,293 622,719 Standard Chartered Bank, London 25,384,722 8,616,942

AB Bank Ltd., Mumbai 5,914,634 -

Sonali Bank(UK)Limited 1,423,273 14,415,312 Bank of Tokyo- Mitsubishi,Tokyo 245,111 169,402

1,444,991,199 827,866,037 For details of foreign currency amounts and rates thereof please see "Annexure-A"

4.a Consolidated balance with other banks and financial institutions

In Bangladesh


IFIC Securities Limited 83,292,620 92,162,560

IFIC Money Transfer (UK) Limited - -

5,344,544,627 11,307,128,973 Less: Inter -company transaction 88,162,133 92,162,559

5,256,382,495 11,214,966,414

14

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

4.b Outside Bangladesh

IFIC Bank Limited 4.2 1,444,991,199 827,866,037

IFIC Securities Limited - -

IFIC Money Transfer (UK) Limited 1,771,599 6,730,690

1,446,762,798 834,596,727 Less: Inter -company transaction - -

1,446,762,798 834,596,727

6,703,145,293 12,049,563,141

5 Money at call and on short notice

Banking companies

Bank Alfalah Ltd. - 100,000,000

BRAC Bank Ltd. - -

AB Bank Ltd. - -

Farmers Bank Ltd. - -

Bank Asia Ltd. - 600,000,000

Standard Bank Ltd. - 300,000,000

Jamuna Bank Ltd. - 300,000,000 - 1,300,000,000

Non banking financial institution

Investment Corporation of Bangladesh (ICB) - 150,000,000

1,450,000,000

6 Investments

Government Securities 6.1 24,853,477,141 17,217,294,297

Other Investments 6.2 4,911,847,156 5,627,961,589

29,765,324,297 22,845,255,886

6.1 Government securities

Treasury bills 6.1.1 9,230,577,226 7,819,903,997

Treasury bonds 6.1.2 14,574,006,269 9,381,538,399

Bangladesh Bank bills 6.1.3 936,112,746 -

Prize bond 6.1.4 7,780,900 5,851,900

Reverse repo 100,000,000

Debentures 6.1.5 5,000,000 10,000,000

24,853,477,141 17,217,294,297

6.1.1 Treasury bills

91 days treasury bills 3,511,765,751 1,202,637,926



9,230,577,226 7,819,903,997

6.1.2 Treasury bonds

2 years Treasury bond 1,600,527,763 211,945,024

5 years Treasury bond 1,719,876,348 1,701,895,636



20 years Treasury bond 1,471,386,178 975,955,239 14,574,006,269 9,381,538,399

6.1.3 Bangladesh Bank Bills 936,112,746 1,574,818,008

6.1.4 Prize Bond 7,780,900 6,355,000

6.1.5 DebenturesHouse Building Finance Corporation 5,000,000 10,000,000

5,000,000 10,000,000

15

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

6.2 Other investments

Unquoted shares

Karma Sangsthan Bank 20,000,000 20,000,000

Central Depository Bangladesh Ltd. 22,847,220 22,847,220

Energy Pack Power Company Ltd. 25,960,000 25,960,000

68,807,220 68,807,220

Quoted shares

National Housing Finance & Investment Ltd. 39,010,000 39,010,000

Power Grid Compay Ltd. 275,412,488 275,412,488

Delta Life Insurance Company Ltd. 83,187,944 83,187,944

Khulna Power Company Ltd. 10,595,777 34,423,040

Summit Power Ltd. 108,786,696 108,786,696

Summit Alliance Port Ltd. 27,546,745 27,546,745

British Americal Tobacco Bangladesh 91,744,278 91,744,278 Eastland Insurance Company Ltd. 8,941,428 8,941,428 TITAS Gas Transmission and Distribution Ltd. 465,701,734 466,084,720

Beximco Ltd. 1,264,121,634 1,264,121,634

Malek Spinning Mills Company Ltd. 7,681 7,681

DESCO Ltd. - 6,972,919

Unique Hotel and Resorts Ltd. 21,029,385 21,029,385

The City Bank Ltd. 194,197,477 194,197,477

MJL Bangladesh Ltd. 45,291,198 86,128,123

Fareast Life Insurance Ltd. 136,631,812 136,631,812

Beximco Pharmaceuticals Ltd. 153,238,752 201,481,540

Northern General Insurance Company Ltd. 10,951,563 10,951,563

Reliance Insurance Ltd. 11,674,463 11,674,463

2,948,071,056 3,068,333,947 Mutual funds

IFIC Bank 1st Mutual Fund 250,000,000 250,000,000

ICB Employee 1st Mutual Fund 17,986,473 17,986,473

267,986,473 267,986,473

Debt securities

Banglalion Communication Ltd. - 579,997,606

Outside Bangladesh

Nepal Bangladesh Bank Ltd. 6.2.1 1,278,834,191 1,294,019,575

Oman International Exchange LLC 6.2.2 17,684,096 17,718,055

NIB Bank Ltd., Pakistan 6.2.3 330,464,121 331,098,714

1,626,982,408 1,642,836,344

4,911,847,156 5,627,961,589 For details of of investment in shares and debt securities please see "Annexure-B"

6.a Consolidated investments

Government Securities



24,853,477,141 17,217,294,297

6.b Consolidated other investments



IFIC Money Transfer (UK) Limited - - Investment adjustment for equity accounted investees 1,202,302,724 1,095,934,605

6,203,474,858 6,813,220,933

31,056,951,999 24,030,515,229

16

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

7 Loans and advances

Loans, cash credit, overdraft etc. 7.1 103,254,841,211 94,532,881,160

Bill purchased and discounted 8 8,702,768,568 7,749,268,149

111,957,609,779 102,282,149,309

7.1 Loans, cash credit, overdraft etc.

Inside Bangladesh

Term loan industrial 8,091,429,981 6,596,891,295

Term loan consumer finance 563,552,403 377,394,070

Agricultural loan 1,861,970,915 1,417,338,319

Term loan women entreprenure 7,925,750 6,904,620

Term loan-others 24,207,651,087 20,734,890,975

House building loans 3,716,488,360 1,235,843,031

Staff loan 1,936,982,232 1,890,192,383

Transport loan 859,883,094 668,576,160

Loan general 2,534,618,743 2,617,642,689

Demand loan 3,062,928,894 2,896,692,868

Overdrafts 22,814,120,100 23,549,902,570

Cash credit 25,904,496,459 25,443,140,268

Credit card finance 251,957,925 243,798,248

Loan against imported merchandise(LIM) 78,347,306 104,748,152

Loan against trust receipt (LTR) 6,114,053,928 5,482,486,327

Lease Finance 537,371,023 612,090,045

102,543,778,201 93,878,532,022 Outside Bangladesh - -

102,543,778,201 93,878,532,022

Off-shore banking unit 711,063,010 654,349,138

103,254,841,211 94,532,881,160

7.a Consolidated loans & advance

Loans, cash credits, overdrafts etc.


IFIC Securities Limited 3,551,783,069 3,336,996,641 IFIC Money Transfer (UK) Limited - -

106,806,624,281 97,869,877,801 Less: Inter -company transactions 1,239,750,454 1,199,748,281

105,566,873,827 96,670,129,520

8 Bills purchased and discounted

Payable in Bangladesh 8.1 8,325,254,776 7,143,636,388

Payable outside Bangladesh 8.1 377,513,792 605,631,761

8,702,768,568 7,749,268,149

8.1 Bill purchased and discountedPayable in BangladeshLocal bills/documentsIDBP 1,388,977,753 1,378,397,485 Payment against documents-cash 220,284,179 299,188,145 Payment against documents-EDF 4,972,188,788 3,567,660,930

Payment against documents-forced (Inland) 170,281,103 377,712,661

Payment against documents-forced (Foreign) 319,873,684 391,927,964

Payment against documents-Others 338,732,982 17,193,468

7,410,338,489 6,032,080,654 Off-shore banking unit 914,916,287 1,111,555,734

8,325,254,776 7,143,636,388

17

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

Payable outside Bangladesh

Foreign bills/documents

FDBP 377,513,792 605,631,761

377,513,792 605,631,761

8,702,768,568 7,749,268,149

8.a Consolidated bills purchased and discounted

IFIC Bank Limited 8 8,702,768,568 7,749,268,149



8,702,768,568 7,749,268,149

9 Fixed assets including premises, furniture and fixtureCost/revalued:

Land 475,118,759 475,118,759

Buildings and premises 1,337,951,477 1,337,951,477

Wooden furniture 117,327,984 113,437,784

Steel furniture 58,136,427 56,029,936

Computer equipment 660,806,399 536,742,251

Office equipment 190,452,197 185,752,840

Electrical & gas equipment 386,021,093 356,015,849

Improve & leasehold premises 232,052,908 215,850,139

Vehicles (purchased & leased) 163,273,145 146,746,620

Soft furnishing 12,632,115 12,271,161

3,633,772,505 3,435,916,816 Intengible assets:

Software 289,569,120 240,470,209

3,923,341,625 3,676,387,025

Capital work in progress 9.1 712,076,191 593,198,539

4,635,417,815 4,269,585,564

Less: Accumulated depreciation 1,498,654,362 1,340,265,806

Written down value 3,136,763,453 2,929,319,758

9.1 Capital work in progress

9.a Consolidated fixed assets including premises, furniture and fixture




3,152,242,217 2,946,853,254

10 Other Assets

Stationery and stamps 25,931,837 20,668,793 Suspense account 10.1 571,447,075 467,338,723 Advance, deposit and prepayments 10.2 2,071,392,866 1,125,060,501

Accrued interest on investment & other income receivable 10.3 690,364,473 872,189,445

Investment in subsidiaries 10.4 835,357,610 836,270,870

Revaluation account FDBP 1,792,520 1,792,520

Deferred tax assets 10.5 791,280,144 619,284,981 Accounts receivable others 5,053,443 7,020,448

4,992,619,969 3,949,626,283 Off-shore banking unit 103,261,650 67,165,218

5,095,881,618 4,016,791,501

Capital work in progress represents the amount paid for procuring material & equipment for under constructed IFIC Bank Tower and

upgradation of core banking software-MISYS.

18

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

10.1 Suspense account

Sundry debtors 145,898,915 128,142,280 Advance against bills, new branches 51,162,177 25,856,898 Advance against TA / DA 936,790 176,600 Law charges 123,969,483 99,902,597 Sanchayapatra paid 127,238,334 139,661,540 Wage earners development bond paid 38,032,998 28,440,163 Investment bond 274,481 - CIB charge recovery 453,154 244,154 Moneygram services 39,980,891 20,958,033 Others 43,499,851 23,956,457

571,447,075 467,338,723

10.2 Advance, deposit and prepaymentsAdvance rent 322,032,417 324,085,606 Advance income tax 1,402,534,586 538,856,446 Security deposit including demand note 6,275,571 3,970,423

Advance against car purchase 221,284,097 212,494,717

Advance against insurance premium 17,812,145 -

Advance against IPO, placement, right issue etc. - -

Protested bills 22,108,966 16,783,206

Cash remittance 3,000,000 23,694,500 Others 76,345,084 5,175,603

2,071,392,866 1,125,060,501

10.3 Accrued interest on investment & other income receivable

Treasury bills - -

Treasury bonds 259,920,805 323,829,277

Debentures and bonds 3,138,562 156,246,563

Receivables from Government 41,272,375 41,272,375

Interest accrued on loans and advances 159,889,735 83,463,616

Investment on FDR 48,972,053 96,946,804

Others 177,170,943 170,430,811

690,364,473 872,189,445

10.4 Investment in subsidiaries



835,357,610 836,270,870

10.5 Deferred tax assets

Deferred tax assets 989,811,599 816,242,841

Deferred tax liabilities (198,531,463) (196,957,860)

Deferred tax assets/(liabilities) 791,280,144 619,284,981

Computation of deferred tax assets and liabilitesDeferred tax assets

Carrying amount of provision 2,474,528,997 1,920,571,392

Tax base - -

Deductible temporary difference 2,474,528,997 1,920,571,392

Tax rate 40.00% 42.50%

Closing deferred tax assets 989,811,599 816,242,841

Opening deferred tax assets 816,242,841 882,314,501

Deferred tax (expense)/income (A) 43.1 173,568,757 (66,071,660)

Deferred tax assets have been recognized and measured as per Bangladesh Accounting Standards-12: Income Taxes and

BRPD Circular no. 11 dated 12 December 2011 based on temporary due to 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:

19

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

Deferred tax liabilities

Carrying amount of fixed assets 2,365,133,601 2,276,857,017

Tax base 1,868,804,944 1,813,426,757

Taxable temporary difference 496,328,657 463,430,260

Tax rate 40.00% 42.50%

Closing deferred tax assets/(liabilities) (198,531,463) (196,957,860)

Opening deferred tax assets/(liabilities) (196,957,860) (148,401,288)

Deferred tax (expense)/income (B) 43.1 (1,573,602) (48,556,572)

Deferred tax (expense)/income (A+B) 43.1 171,995,155 (114,628,232)

10.a Consolidated other assets


Less: Investment in IFIC Securities Limited 10.4 799,994,000 799,994,000

Less: Investment in IFIC Money Transfer (UK) Limited 10.4 35,363,610 36,276,870

4,260,524,008 3,180,520,631 IFIC Securities Limited 135,978,422 190,330,133

IFIC Money Transfer (UK) Limited 782,950 803,170

4,397,285,380 3,371,653,934

11 Non-banking assets

12 Borrowing from other banks, financial Iinstitutions and agents

In Bangladesh 12.1 4,925,010,639 4,919,900,516

Outside Bangladesh 12.1 622,400,000 701,544,600

5,547,410,639 5,621,445,116

12.1 In Bangladesh

Call borrowing - -

Term borrowing

BRAC Bank Ltd. - 1,000,000,000

Sonali Bank Ltd. - 500,000,000

- 1,500,000,000 Obligation under lease finance 39,064,752 42,083,370

39,064,752 1,542,083,370

Refinance from Bangladesh BankExport Development Fund (EDF) 4,694,622,431 3,186,005,080 Small and Medium Enterprise 191,323,456 191,812,066

4,885,945,887 3,377,817,146 In Bangladesh 4,925,010,639 4,919,900,516 Outside Bangladesh 622,400,000 701,544,600

5,547,410,639 5,621,445,116

12.a Consolidated borrowing from other banks,

Financial institutions and agentsIn Bangladesh


IFIC Securities Limited 1,545,252,363 1,502,894,423


6,470,263,002 6,422,794,939

Less: Inter -company transactions 1,239,750,454 1,199,748,281 5,230,512,548 5,223,046,658

Through the verdict of honorable court under section 33(7) of the Artharin Adalat Act 2003, the Bank has got an absolute

ownership on few mortgaged properties. These properties were recorded at Tk. 373,474,800 as non banking assets in the

year 2013.

However, as per the noted circular (BRPD Circular no. 11 dated 12 December 2011) deferred tax income arisen from the

specific provision on loans & advances cannot be distributed among the shareholders as dividend.

20

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

Outside Bangladesh

IFIC Bank Limited 12.1 622,400,000 701,544,600


622,400,000 701,544,600

5,852,912,548 5,924,591,258

13 Deposits and other accounts

Current deposit and other accounts 13.1 16,950,127,015 15,464,779,314

Bills payable 13.2 2,856,988,222 1,874,975,364

Savings bank deposits 13.3 22,785,759,915 18,366,462,687

Fixed Deposits 13.4 99,649,403,402 94,039,587,998

142,242,278,554 129,745,805,362

13.1 Current deposit and other accounts

Current accounts 8,518,958,525 8,994,424,903 Foreign currency deposit 980,922,702 870,744,996 Resident foreign currency deposit 38,625,935 38,347,807 Exporters foreign currency account 5,797,425,753 3,658,583,155 Margin on Letters of Credit 965,496,623 1,178,409,753 Margin on Letters of guarantee 336,460,916 255,916,372 Investors' account credit balance 548,938 544,033 Q-cash, prepaid, cheque card 2,114,037 3,167,571 Sundry deposit 13.5 309,573,587 464,640,723

16,950,127,015 15,464,779,314

13.2 Bills payable

Payment order 2,843,436,985 1,864,650,537

Demand draft 6,061,494 6,196,964

Security deposit receipt 7,489,743 4,127,863

2,856,988,222 1,874,975,364

13.3 Savings bank depositSavings account 14,691,480,542 12,680,878,561 Super savings plus 6,857,975,265 5,100,504,600

Payroll savings 228,626,732 144,904,886

Sanchita-Female Savings 775,445,173 407,965,943

Student savings - duronto 69,622,537 31,971,147

Interest payable on savings deposit 162,609,665 237,550

22,785,759,915 18,366,462,687

13.4 Fixed deposit

Special notice deposit (SND) 14,047,080,547 20,474,433,809

Term deposit 13.4.1 80,690,424,582 69,602,275,527

Recurring deposit 13.4.2 4,873,725,586 3,924,778,806

Non resident foreign currency deposit (NFCD) 8,304,785 8,293,534

Export retention quota (ERQ) 29,867,902 29,806,322

99,649,403,402 94,039,587,998

13.4.1 Term depositFixed deposits 62,601,326,942 53,387,995,965

Double return deposit scheme 8,268,238,189 7,354,363,809

Millionaire dream plan 386,523,898 283,166,051

Three years deposit plus 4,200,000 800,000 Monthly income scheme 6,878,323,498 5,883,758,742

Monthly income scheme - Arjon 917,250,000 1,145,750,000

Interest payable on term deposit 1,634,562,055 1,546,440,960 80,690,424,582 69,602,275,527

21

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

13.4.2 Recurring depositPension savings scheme (PSS) 4,438,759,380 3,632,806,072 Pension savings scheme - Joma 5,468,473 3,002,957

Flexi DPS - Freedom 197,923,658 85,617,097

School savings plan 36,204,603 30,097,908

Interest payable on recurring deposit 195,369,471 173,254,772 4,873,725,586 3,924,778,806

13.5 Sundry depositSundry creditor 109,630,600 123,798,141 Lease deposit 26,910,358 29,975,627 Risk fund-lease, CCS & others 814,420 792,479 Clearing adjustment 49,358,556 66,200,878 Visa credit card 22,114,225 18,850,488 Sundry deposit BFF 25,912,400 25,912,400

FDD issued but not presented 12,615,272 13,023,736

IBC lodgment 62,595 62,595

Other sundry deposits 62,155,162 186,024,379

309,573,587 464,640,723

13.a Consolidated deposits and other accounts

Current deposits and other accounts

IFIC Bank Limited 13.1 16,950,127,015 15,464,779,314 IFIC Securities Limited 45,875,960 209,410,399

IFIC Money Transfer (UK) Limited - - 16,996,002,974 15,674,189,713

Less: Inter -company transactions 88,162,133 92,162,559

16,907,840,842 15,582,027,154 Bills payableIFIC Bank Limited 13.2 2,856,988,222 1,874,975,364 IFIC Securities Limited - - IFIC Money Transfer (UK) Limited - -

2,856,988,222 1,874,975,364 Savings bank deposit




22,785,759,915 18,366,462,687

Fixed deposits




99,649,403,402 94,039,587,998

142,199,992,381 129,863,053,203

14 Other liabilities

Specific provision for classified loans & advance 14.1 2,482,678,003 1,966,388,319

General provision for unclassified loans & advances 14.2 1,076,300,000 1,076,300,000

Provision for off balance sheet 14.3 453,720,000 478,720,000

Provision for diminution in value of investments 14.4 310,000,000 330,000,000

Provision for nostro account 14.5 9,862,000 9,862,000

Provision for other assets 14.6 308,010,222 271,234,653

Provision for taxation 14.7 3,448,795,584 2,748,795,584

Interest suspense accounts 14.8 3,184,691,757 2,673,329,603

Interest payable on borrowing from Banks & FI's 3,036,133 9,462,497

Accrued expenses 4,528,925 14,924,505

22

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

* Withholding Tax payable to government 117,790,745 82,124,717

* Withholding VAT payable to government 40,731,891 15,809,793

Excise duty payable to government 34,580,714 85,888,942

Dividend payable 2,814,447 2,814,447

Bonus payable - 180,000,000

Gratuity payable - 269,528,413

Revaluation of investment abroad 28,184,837 28,184,837

Exporter's cash assistance 2,104,222 153,300

Oman International Exchange (LLC) 5,957,847 8,053,352

Sale proceeds of PSP & TC 1,707,362 1,064,140

Local commission on export 14,236,915 19,087,466

Recovery on court cases 25,077,700 22,355,188

Others 40,549,760 49,188,919

11,595,359,065 10,343,270,674

14.1 Specific provision for classified loans & advances

Provision held at the beginning of the year 1,966,388,319 1,620,060,000

Less: Fully provided debts written off (993,710,315) (253,671,682)

Add: Recoveries of amounts previously written off 69,395,718 194,316,107

1,440,604,282 405,683,893

Less: Provision no longer required

Add: Net charge to profit and loss account - -

2,482,678,003 1,966,388,319

14.2 General provision for un-classified loans & advances

Provision held at the beginning of the year 1,058,200,000 798,200,000

Provision transferred to provision for classified loans & advance - -

Provision made during the period/year - 260,000,000

1,058,200,000 1,058,200,000

Off-shore Banking Unit (OBU)

Provision held at the beginning of the year 18,100,000 14,100,000

Provision transferred to provision for classified loans & advance - -


18,100,000 18,100,000

1,076,300,000 1,076,300,000

14.3 Provision for off-balance sheet


Provision no longer required (25,000,000) -


453,720,000 478,720,000

14.4 Provision for diminution in value of investments


Provision no longer required - (250,000,000)

Provision made during the period/year (20,000,000) -

310,000,000 330,000,000

14.5 Provision for nostro account


Provision no longer required - -

Provision made during the period/year - 100,000

9,862,000 9,862,000

Add: Specific provision for the period/year

23

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

14.6 Provision for other assets


Provision no longer required - -

Less: written off during the period/year (1,000,000)

Provision made during the period/year 37,775,569 25,900,000

308,010,222 271,234,653

14.7 Provision for taxation

Balance at 1 January 2,748,795,584 2,653,397,712

Provision made during the period/year 700,000,000 1,290,000,000

3,448,795,584 3,943,397,712

Adjustment made during the period/year - (1,194,602,128)

3,448,795,584 2,748,795,584

14.7.a Consolidated Provision for taxation during the period

IFIC Bank Limited 14.7 700,000,000 1,290,000,000


704,673,513 1,301,314,763

* Withholding Tax and VAT payable was subsequently paid.

14.a Consolidated other liabilities


IFIC Securities Limited 1,282,652,413 1,010,929,075


12,886,806,643 11,359,482,024

15 Share Capital

15.1 Authorized Capital

2,000,000,000 ordinary shares of Taka 10 each 20,000,000,000 20,000,000,000

15.2 Issued, subscribed and fully paid up capital

8,000,000 ordinary shares of Taka 10 each issued for cash 80,000,000 80,000,000

4,400,000 ordinary shares of Taka 10 each issued as right share* 44,000,000 44,000,000

4,910,124,170 4,253,499,280

5,034,124,170 4,377,499,280

15.3 Issued, subscribed and fully paid up Capital-Shareholders' Category

3,385,521,110 2,943,931,400

1,648,603,060 1,433,567,880

5,034,124,170 4,377,499,280

16 Statutory reserve

Opening balance on 1 January 3,909,507,173 3,374,079,154

Transferred from profit during the period/year - 535,428,019

3,909,507,173 3,909,507,173

17 General reserve

Opening balance on 1 January 55,771,397 55,771,397

Transferred during the period/year - -

55,771,397 55,771,397

338,552,111 [Year 2014: 294,393,140] ordinary shares of Taka 10 each fully paid held by

the Sponsors, Directors, Institutions, Foreign investors & General Public.

*Out of the total issued, subscribed and fully paid-up Capital of the Bank 440,000 ordinary shares of Tk.100 each (before

splitting) amounting to Tk. 44,000,000 was raised through public offering of shares (Rights Issue at par) held in 1989 and

subsequent, issue of the Right Shares on 30 January 1990.

164,860,306 [Year 2014: 143,356,788] ordinary shares of Tk. 10 each fully paid

held by the Government of the People's Republic of Bangladesh.

491,012,417 [Year 2014: 425,349,928] ordinary shares of Taka 10 each issued for

bonus share

24

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

18 Revaluation reserve against securities

HTM securities 18.1 1,266,347 1,444,648

HFT securities 18.2 12,662,787 130,890

13,929,134 1,575,539

18.1 Revaluation reserve HTM securities

Opening balance on 1 January 1,444,649 605,974

Gain/(loss) from revaluation on investments (178,302) 838,674

Adjustment for sale/maturity of securities - -

1,266,347 1,444,648

18.2 Revaluation reserve HFT securities

Opening balance on 1 January 130,890 15,437,544

Gain/(loss) from revaluation on investments 12,531,896 (15,306,654)

Adjustment for sale/maturity of securities - -

12,662,787 130,890

18.a Consolidated revaluation reserve against securities

IFIC Bank Limited 18 13,929,134 1,575,539


13,929,134 1,575,539

19 Revaluation reserve against fixed assets

Opening balance on 1 January 115,314,704 115,314,704

Addition during the period/year - -

Depreciation charge during the period/year - -

115,314,704 115,314,704

20 Reserve against non banking assets

Opening balance on 1 January - -

Addition during the period - -

Depreciation charge during the period/year - -

21 Foreign currency translation gain/(loss)

Opening balance on 1 January - -

Addition during the period/year - -

- -

21.a Consolidated foreign currency translation gain/(loss)

IFIC Money Transfer (UK) Limited:

Opening balance on 1 January 1,230,102 (50,909)

Addition during the period/year 497,937 1,281,011

1,728,039 1,230,102

22 Surplus in profit and loss account

Opening balance on 1 January 2,168,447,775 1,730,120,903

Net profit after Tax for the period/year 858,530,177 1,544,733,051

Appropriation made to statutory reserve during the period/year - (535,428,019)

Issue of bonus shares (656,624,890) (570,978,160)

Cash dividend paid - -

2,370,353,062 2,168,447,775

In terms of Bangladesh Accounting Standard (BAS)-16, "Property, Plant & Equipment" and instruction contained in BRPD

Circular No. 10 dated 25 November 2002 issued by Bangladesh Bank, all the immovable properties of the Bank were

revalued as at 09.10.2011 by Baltic Control (BD) Ltd. an independent professionally qualified valuation firm of the country

based on market survey. Accordingly, gain on revaluation of Tk. 115,314,704 has been credited to revaluation reserve

account.

25

Amount in BDT

Note 30 Sep 2015 31 Dec 2014

22.a Consolidated surplus in profit and loss account



IFIC Money Transfer (UK) Limited (15,340,670) (21,009,339)

Share of profit of investment in associates & joint venture 1,202,302,724 1,095,934,605

3,750,415,985 3,436,103,270

23 Non controlling interest



7,448 7,445

24 Contingent liabilities



Irrevocable Letters of credit 24.3 13,836,483,311 14,473,667,235



45,073,566,894 47,824,432,743

24.1 Acceptances and endorsementsBack to back bills (local currency) 236,782,752 288,100,420

Back to back bills (foreign currency) 14,511,589,233 17,530,934,755

14,748,371,984 17,819,035,175

24.2 Letters of guaranteeLetters of guarantee (local currency) 9,059,774,472 6,291,676,538 Letters of guarantee (foreign currency) 590,567,456 353,155,993

9,650,341,928 6,644,832,531

24.3 Irrevocable letters of credit

Letter of credit (LC) - cash sight 5,751,400,722 7,133,121,172

Letter of credit (LC) - back to back 7,449,828,505 7,033,098,535

Letter of credit (LC) - cash usance 635,254,084 307,447,528

13,836,483,311 14,473,667,235

24.4 Bills for collection

Inland bills collection 22,175,920 25,579,389 Foreign bills collection 13,566,018 10,436,429

Inland documentary bills for collection 3,577,327,557 3,666,741,339

Foreign documentary bills for collection 3,225,300,176 5,184,140,646

6,838,369,671 8,886,897,802

26

Notes to the Financial Statements

as at and for the third quarter ended 30 September 2015 (un-audited)

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

25 Income statement

Income

Interest, discount and similar income 25.1 10,950,920,690 10,505,172,989

Dividend income 25.2 149,732,811 35,360,749

Capital gain Income 25.3 16,206,938 52,238,055

Fees, commission and brokerage 29.1 503,200,611 518,151,601

Gain less losses arising from dealing in securities - -

Gains less losses arising from investment securities - -

Gain less losses arising from dealing in foreign currencies 29.2 535,623,663 503,449,705

Income from non-banking assets - -

Other operating income 30,28 411,503,332 370,663,241

Profit less losses on interest rate change - -

12,567,188,045 11,985,036,340

Expenses

Interest, fee and commission 27 6,651,695,556 6,376,064,835

Losses on loan and advances 39 69,825,108 -

Administrative expenses 31-34,36-38 2,169,520,031 2,058,213,983

Other operating expenses 35,40,41 669,486,194 658,099,513

Depreciation on banking assets 40 186,746,283 122,749,298

9,747,273,172 9,215,127,629

2,819,914,873 2,769,908,711

25.1 Interest, discount and similar income

Interest income 26 9,392,879,059 8,844,533,714

Interest on treasury bills and bonds 28 1,108,111,528 1,021,333,790

Interest on debentures 28 457,333 718,892

Interest on other bonds 28 20,443,579 69,764,578

Interest on fixed deposit 28 392,443,138 554,979,233

Income on reverse repo 28 36,586,052 13,842,782

10,950,920,690 10,505,172,989

25.2 Dividend income

Dividend income in shares - local 28 65,936,514 35,360,749

Dividend income - foreign 28 83,796,297 -

149,732,811 35,360,749

25.3 Capital Gain Income

Gain from sale of shares 28 16,206,938 52,238,055

16,206,938 52,238,055

26 Interest income

Term loan-industrial 573,598,725 551,208,162

Term loan-consumer finance 7,691,531 10,675,175

Term loan-others 1,751,859,462 1,236,501,525

House building loan 213,823,954 147,972,427

Staff house building loan 57,016,819 50,796,880

Staff loan against PF 5,603,085 13,603,165

27

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

Transport loan 86,245,393 70,532,076

Agricultural Loan 99,568,006 89,301,132

Loan general 244,393,600 351,340,214

Secured overdraft 2,130,227,773 2,284,599,580

Over draft-staff salary 7,591,134 5,480,989

Over draft-garments 57,663,369 61,186,732

Cash credit 2,519,040,286 2,624,474,006

Lease finance 67,901,117 73,138,061

Inland documentary bill purchased (IDBP) 151,355,929 140,814,708

Foreign documentary bill purchased (FDBP) 10,237,896 11,166,710

Payment against document (cash) 36,469,176 44,461,565

Payment against document (forced) 82,937,782 53,893,704

Payment against document (EDF) 78,555,763 51,538,889

Payment against document (inland) 29,201,354 22,600,344

Payment against document (others) 19,389,835 14,140,017

Loan against imported merchandise 11,189,199 12,024,198

Loan against trust receipt (LTR) 642,555,825 616,967,132

Export cash credit 3,749,587 3,495,548

Credit card 26,345,877 27,136,105

Money at call on short notice 37,489,986 25,801,416

Balance held outside Bangladesh 122,965,633 32,820,811

Balance held inside Bangladesh 935,425 450,879

Demand loan 277,005,548 129,743,236

Others 33,872,908 17,153,446

9,386,481,981 8,775,018,834


9,392,879,059 8,844,533,714

26.a Consolidated interest income




9,534,596,703 9,006,627,910

Less: Inter -company interest income 114,614,373 126,501,841

9,419,982,330 8,880,126,069

27 Interest paid on deposits, borrowings etc.

Interest paid on deposits

Saving bank deposit 764,659,151 574,532,829

Special notice deposit 516,865,295 337,823,867

Fixed deposit 3,638,761,833 4,124,902,205

Non resident FC deposit 154,708 153,209

Resident FC deposit 27,501 26,768

Pension savings scheme 313,816,765 228,980,458

Monthly income scheme 1,284,087,963 1,054,428,095

FCAD 154,965 117,227

6,518,528,182 6,320,964,658

28

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

Interest paid on borrowings

Call deposit 5,394,208 18,602,847

Local banks accounts 64,267,544 23,162,319

Foreign banks accounts 17,663,318 341,399

Repurchase agreement (repo) 16,461,645 2,135,658

Bangladesh Bank SME refinance 7,570,347 6,025,005

Payment against lease obligation 5,045,571 3,405,207

Discount paid 1,773,054 1,306,484

Others 14,991,686 121,256

133,167,374 55,100,176

6,651,695,556 6,376,064,835

27.a Consolidated interest paid on deposits, borrowings etc.




6,795,652,747 6,543,309,642

Less: Inter -company interest paid 114,614,373 126,501,841

6,681,038,374 6,416,807,801

28 Investment income

Interest income

Treasury bills and bonds 28.1 1,108,111,528 1,021,333,790

Debentures 457,333 718,892

Other bonds 20,443,579 69,764,578

Fixed deposit 392,443,138 554,979,233

Reverse repo 36,586,052 13,842,782

1,558,041,630 1,660,639,275

Non interest income

Gain from sale of shares 16,206,938 52,238,055

Dividend on share - local 65,936,514 35,360,749

Prize bond (18,000) 11,000

Dividend income from oveseas investment 83,796,297 -

165,921,750 87,609,804

1,723,963,380 1,748,249,080

28.1 Treasury bonds

Interest on treasury bonds 1,240,927,513 1,021,333,790

Less: Holding period interest on HTM securities 132,815,985 -

1,108,111,528 1,021,333,790

28.a Consolidated investment income


IFIC Securities Limited 42,900 11,903,550


1,724,006,280 1,760,152,630

29 Commission, exchange and brokerage

Commission 29.1 503,200,611 518,151,601

Exchange 29.2 535,623,663 503,449,705

Brokerage - -

1,038,824,274 1,021,601,306

29

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

29.1 Commission

Bills purchased (Inland) 579,918 790,101

Bills purchased (Foreign) 2,288,332 1,482,078

Remittances (inland) 15,510,918 15,190,214

Remittances (foreign) 3,817,300 3,934,572

Letter of guarantee (LG)-local 66,189,393 47,540,620

Letter of guarantee (LG)-foreign 1,477,878 687,719

Letter of credit (back to back) 93,773,987 93,923,316

Letter of credit (cash) 103,175,139 116,196,570

Letter of credit (inland) - 12,548

Letter of credit (others) 5,986,848 5,991,853

Wes Bond 1,192,213 673,907

LDBC 8,524,909 7,701,461

IFDBC 140,679,317 163,125,961

FDBC 8,529,640 10,480,832

FBC (foreign) 63,100 32,700

Online Charge 26,004,245 25,376,511

Shares (subscription) 4,901 90,595

Add confirmation 7,919,839 6,938,510

Bill collection charge - 1,659

Sanchaypatra 385,988 700,600

Commission others 17,096,746 17,279,135

503,200,611 518,151,601

29.2 Exchange gain

Rebate from foreign correspondent 48,214,838 41,528,760

Exchange gain from revaluation, FC & others 487,408,825 461,920,945

535,623,663 503,449,705

29.a Consolidated commission, exchange and brokerage




1,113,996,430 1,091,771,799

30 Other operating income

Locker rent 5,861,965 6,140,465

Godown rent 902,000 1,170,829 Other rents 3,526,440 2,007,360

Postage charges recovery 20,224,467 19,650,069

Telex charge recovery 15,756,239 13,285

SWIFT charges recovery 119,706,704 104,325,958

Incidental charge recovery 378 -

Godown insurance recovery 297,000 364,619 Stationery expenses recovery 5,220,900 4,687,380

Miscellaneous earning 79,233,144 84,302,723

Loan processing fees and service charges 90,890,016 81,450,081

Visa card fees and commission 27,132,792 25,407,767

30

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

Service charge on accounts 35,915,987 33,720,722

Other fees, commission & charges 6,853,300 7,410,983

411,521,332 370,652,241

Off-shore banking unit - -

411,521,332 370,652,241

30.a Consolidated other operating income




412,452,001 371,447,590

31 Salaries and allowances

Basic salary 759,056,395 722,270,850

House rent allowance 334,252,187 328,278,605

Conveyance allowance 24,704,016 24,512,739

Medical allowances 67,487,626 66,023,268

Entertainment allowance 51,497,464 52,413,213

Other allowances 20,194,006 19,549,405

Leave encashment 5,250,514 6,353,433

Festival bonus 122,529,669 83,739,903

Provident fund- Bank's contribution 74,807,165 70,767,976

Contribution to gratuity fund 86,000,000 90,471,587

1,545,779,042 1,464,380,979

31.a Consolidated salaries and allowances




1,564,968,531 1,484,576,558

32 Rent, taxes, insurance, electricity etc.

Rent paid 349,633,067 326,480,556

Rates, taxes and utilities 43,209,369 55,325,106

Insurance premium 90,231,214 80,065,950

Electricity & water 48,238,607 49,901,337

531,312,256 511,772,949

32.a Consolidated rent, taxes, insurance, electricity etc.




542,779,024 522,265,617

33 Legal expenses

Legal expenses 5,778,014 2,007,097

Retainers fees 1,595,000 1,540,000

7,373,014 3,547,097

31

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

33.a Consolidated legal expenses



IFIC Money Transfer (UK) Limited 1,164,642 357,055

8,595,156 3,968,840

34 Postage, stamp, telecommunication etc.

Postage expenses 17,885,906 18,628,844

Telegram & telex, 240 -

Telephone - office 8,147,596 7,579,682

Telephone - residence 18,042,857 17,939,380

Communication facilities (Reuter, VAST,radio etc.) 2,304,160 2,286,672

SWIFT charges 27,104,959 20,013,381

73,485,718 66,447,959

34.a Consolidated postage, stamp, telecommunication etc.


IFIC Securities Limited 676 726


73,588,005 66,624,436

35 Stationery, printing, advertisement etc.

Printing stationery 17,994,013 20,784,864

Security stationery 8,163,615 5,239,090

Petty stationery 13,193,129 12,203,329

Computer stationery 8,728,280 8,507,364

Advertisement and publicity 70,028,604 50,889,050

118,107,642 97,623,696

35.a Consolidated stationery, printing, advertisement etc.




118,838,147 98,332,640

36 Managing director's salary

Basic salary 7,200,000 7,200,000

House rent allowance 675,000 675,000

House maintenance allowance 225,000 225,000

Provident fund- Bank's contribution 720,000 720,000

Entertainment allowances 225,000 225,000

Festival bonus 1,600,000 1,600,000.00

10,645,000 10,645,000

37 Director's fee

Meeting attendance fees 525,000 845,000

525,000 845,000

Each Director is paid Tk. 5,000 per meeting per attendance effective from 18 January 2010.

37.a Consolidated Director's fee

IFIC Bank Limited 37 525,000 845,000



582,500 965,750

32

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

38 Auditors' fee

Statutory annual audit fees 400,000 575,000

Interim audit fees - -

400,000 575,000

38.a Consolidated Auditors' fee

IFIC Bank Limited 38 400,000 575,000

IFIC Securities Limited 100,000 -

IFIC Money Transfer (UK) Limited 141,454 -

641,454 575,000

39 Charges on loan loss

Written-off loans and advances 69,825,108 -

40 Depreciation and repair of bank's assets

Depreciation

Buildings and premises 22,021,624 22,424,900

Wooden furniture 8,152,401 4,582,013

Steel furniture 2,013,218 2,009,505

Computer equipment 63,053,328 28,809,707

Office equipment 9,949,345 10,680,755

Electrical & gas equipment 24,740,959 21,430,876

Improve & leasehold premises 17,373,416 9,722,576

Vehicles (purchased & leased) 10,647,433 8,077,580

Soft furnishing 757,334 1,047,876

Software 28,037,226 13,963,511

186,746,283 122,749,298

Repairs and maintenance

Property maintenance and repairs 62,528,555 53,093,403

Vehicles maintenance and repairs 52,647,110 49,509,921

115,175,665 102,603,324

301,921,948 225,352,622

40.a Consolidated depreciation and repair of bank's assets




304,821,670 229,205,151

41 Other expenses

Entertainment 18,956,759 16,254,582

Petrol, oil and lubricants 66,925,827 68,954,268

Subscription and donation 10,974,375 15,909,784

Training and internship 18,610,791 15,100,524

Books, newspapers and magazines, etc. 1,092,195 1,046,500

Uniforms and liveries 1,692,060 1,622,487

Annual General Meeting 12,905,990 13,096,930

Business development 15,113,868 13,156,663

Crockeries 517,598 593,712

33

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

Corporate Social Responsibility (CSR) 12,017,300 22,569,375

Loss on sales of fixed assets 2,006,628 1,603,041

Brokerage 1,036,388 238,812

Traveling expenses 104,230,347 120,675,914

Security services 41,842,248 31,060,310

Bank charges and commission 6,691,054 3,374,299

Recovery and sales agent 3,128,045 2,686,814

Casual and contractual service 95,605,524 79,868,583

Consultancy fee 514,146 10,895,545

Visa card expense 4,587,481 6,790,552

Manager conference - 1,856,194

Risk charges 9,101,590 8,372,592

Amortization Loss HTM securities 2,693,400 5,636,276

Revaluation loss on HFT Securities (4,617,754) 7,659,783

Miscellaneous 10,577,029 8,848,953

436,202,887 457,872,493

41.a Consolidated other expenses




456,761,527 475,169,085

42 Provision for loans,investments and other assets

Specific provision 1,440,604,282 480,000,000

General provision - 323,000,000

Provision for off-shore banking unit - -

Provision for off-balance sheet exposure (25,000,000) 35,000,000

Provision for diminution in value of investments (20,000,000) (580,000,000)

Other provisions 42.1 37,775,569 246,000,000

1,433,379,851 504,000,000

42.1 Other provisions

Provision for other assets 37,775,569 246,000,000

Provision for nostro account - -

37,775,569 246,000,000

42.a Consolidated provision for loans, investments and other assets

IFIC Bank Limited 42 1,433,379,851 504,000,000

IFIC Securities Limited 19,761,182 376,159


1,453,141,033 504,376,159

43 Provision for taxation

Current tax 14.7 700,000,000 1,250,000,000

Deferred tax expense/(income) 43.1 (171,995,155) (79,927,913)

528,004,845 1,170,072,087

34

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

43.1 Deferred tax expense/(income)

Deferred tax income 10.5 (173,568,757) (47,785,595)

Deferred tax expense/(income) 10.5 1,573,602 (32,142,317)

(171,995,155) (79,927,913)

43.a Consolidated provision for current tax

IFIC Bank Limited 43 700,000,000 1,250,000,000


IFIC Money Transfer (UK) Limited -

704,673,513 1,256,345,813

43.b Consolidated provision for deferred tax

IFIC Bank Limited 43 (171,995,155) (79,927,913)

IFIC Securities Limited -


(171,995,155) (79,927,913)

44 Receipts from other operating activities

Rent received 10,290,405 9,318,654

Income from investment (18,000) 11,000

Other receipts 401,230,927 361,333,587

Capital gain 25.3 16,206,938 52,238,055

427,710,270 422,901,296

44.a Consolidated cash received from other operating activities


IFIC Securities Limited 973,569 12,698,899


428,683,839 435,600,195

45 Cash paid for other operating activities

Postage, telegram & telephone 73,485,718 66,447,959

Rent paid 349,633,067 326,480,556

Rates, taxes & utilities 43,209,369 55,325,106

Insurance premium paid 90,231,214 80,065,950

Electricity & water 48,238,607 49,901,337

Traveling expenses 104,230,347 120,675,914

Auditors fee 400,000 575,000

Directors fee 525,000 845,000

Legal expense 7,373,014 3,547,097

Other expenses 385,924,418 412,101,618

1,103,250,753 1,115,965,537 Cash paid to suppliers 168,386,111 143,394,571

45.a Consolidated cash paid for other operating activities




1,137,630,049 1,145,182,711

35

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

46 Cash and cash equivalents

Cash in hand 1,909,731,565 1,995,732,042

Balance with Bangladesh Bank & Sonali Bank 11,939,019,177 8,411,744,877

Balance with other banks and financial Institutions 6,706,243,207 9,734,895,829

Money at call on short notice - 700,000,000

Prize Bonds 7,780,900 5,917,400

20,562,774,849 20,848,290,147

46.a Consolidated cash and cash equivalents


IFIC Securities Limited (4,801,599) 40,351


20,578,693,733 20,858,884,891

47 (Increase)/decrease of other assets

Stationery and stamps 25,931,837 23,444,287

Suspense account 571,447,075 1,055,975,008

Advance, deposit and prepayments 2,071,392,866 1,002,567,248

Investment in subsidiaries 835,357,610 837,709,100

Revaluation account FDBP 1,792,520 1,792,520

Accounts receivable others 5,053,443 6,825,990


Closing other assets 3,614,237,001 2,958,823,669

Beginning other assets 2,525,317,075 2,794,505,272

(1,088,919,926) (164,318,398)

47.a (Increase)/decrease of consolidated other assets

IFIC Bank Limited 47 (1,088,919,926) (164,318,398)


IFIC Money Transfer (UK) Limited 933,480 (39,753)

(1,033,634,735) (135,834,052)

48 Increase/(decrease) of other liabilites

Withholding Tax payable to government 117,790,745 82,088,647

Withholding VAT payable to government 40,731,891 23,641,950

Excise duty payable to government 34,580,714 29,200,382

Dividend payable 2,814,447 2,814,447

Revaluation of investment abroad 28,184,837 28,184,837

Exporter's cash assistance 2,104,222 342,300

Oman International Exchange (LLC) 5,957,847 48,425

Sale proceeds of PSP & TC 1,707,362 3,657,343

Local commission on export 14,236,915 14,883,132

Recovery on Court Cases 25,077,700 22,039,298

Others 40,549,760 35,360,173

Closing other liabilities 313,736,439 242,260,934

Beginning other liabilities 279,155,725 225,369,302

71,475,505 16,891,632

36

Amount in BDT

Note1 Jan to 30 Sep

2015

1 Jan to 30 Sep

2014

48.a Consolidated increase/(decrease) of other liability




353,352,983 302,758,301

49 Gratuity

50 Earnings Per Share (EPS)

Net profit after tax 858,530,177 1,095,836,624

Number of ordinary shares outstanding

(Adjusted for bonus share issued for the year 2014) 503,412,417 503,412,417

Earnings Per Share(EPS) 1.71 2.18

50.a Consolidated Earnings Per Share (EPS)

Net profit after tax 1,054,733,906 1,415,011,110

Number of ordinary shares outstanding

(Adjusted for bonus share issued for the year 2014) 503,412,417 503,412,417

Earnings Per Share(EPS) 2.10 2.81

51 Events after the Reporting Period

No other material event occurred after the balance sheet date, which would materially affect the amounts or disclosures

in these financial statements.

The company has a gratuity scheme which has been approved on October 2007 by the National Board of Revenue as

per the provision of first schedule (Part - C) of the Income Tax Ordinance, 1984. Required liability against gratuity has

been properly provided in the fund account.

37

Un-audited Financial Statements as at ... - IFIC Bank · PDF fileINTERNATIONAL FINANCE...

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