Annual Report 2010

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annual reportContentsVision02Mission 03Values04General Meeting05Corporate Information08Last Five Years Growth12Board of Directors14Committees 16Chairmans Message18From the Desk of Managing Director20Economic Value Addition Report23Directors Report27Risk Management Report54Corporate Governance Report72Report of Shariah Council81Report of the Audit Committee82Auditors Report & Financial Statements84Branch Network141Annual Report 2010 01Buildalong-termsustainablefinancialinstitutionthroughfinancial inclusion and deliver optimum value to all stakeholders with the highest level of complianceVisionAnnual Report 2010 02MissionAnnual Report 2010 03Long Term Sustainable Growth-diversified business with robust risk managementFinancial Inclusion-bring unbanked population into banking network through low cost and technology based service deliveryAccountable to all stakeholders-customers, shareholders, employees & regulatorsHighest level of compliance and transparency at all levels of operationValuesThis is how we GrowAnnual Report 2010 04Annual Report 2010 05GENERAL MEETING1 2 Z g e vwl K mva vi Ymf vi we wGZ vi v we w c ` vb K i v h v Qh , Uv e vsK wj wg UW- Gi 1 2 Z g e vwl K mva vi Ymf v wb b v we l q ve j x m v` b K 7R yb 2 0 1 1 , g j e vi mK vj 1 1 Uvq Mj d MvWb , A vwg Mj d K ve , Gq vi c vUi vW, XvK v mb vwb e vm, XvK vq A b yw Z n e |K vh m~Pxmva vi YK vh m~Px:1 . 3 1 wWm ^i 2 0 1 0 Z vwi L mg v e Qi i c wi Pvj K e ` i c wZ e ` b Ge sK v vb xi wb i xw Z A vw_ K we e i Yx Iwb i x K i c wZ e ` b we e Pb v I Mn Y|2 . c wi Pvj b v c l ` i myc vwi k g 3 1 wWm ^i 2 0 1 0 Z vwi L mg v e Qi i R b j f vsk Nvl Yv|3 . c wi Pvj K e ` i c yb t wb e vPb |4 . wb i x K wb q vMGe sZ uv` i c vwi k wg K wb a vi Y|we k l K vh m~Px:5 . 1 9 8 4 mb i A vq K i A a v` k i a vi v 2 9 Gi Dc a vi v ( 5 ) Gi we a vb A b ymvi 2 0 1 1 mb e vsK i g vUA vq iA b wa K 5 % k vj wi R vf d v vb v i |6 . c wi Pvj K c l ` i myc vwi k g Ge swmwK Dwi wUR G G P K wg k b i m wZ mvc 1 0 0 UvK v wc wg q vg mnc wZ wU2 0 0 UvK v g ~j c wZ 5 wUk q vi i we c i xZ 1 wUi vBUk q vi Bmyi we l q we e Pb v Ge swm v Mn Y|c wi Pvj b v c l ` i A v` k g ^vt /K v vb x mwPeZ vwi L : 5 g 2 0 1 1` e :K ) m` me wn / wWc wR Uwi i wR vi i K WWUA _ vr 4 Gwc j 2 0 1 1 Z vwi L h mK j m` mi b vg A f y wQj , Z uvi v e vwl Kmva vi Ymf vq h vM` vb i I j f vsk c vw i h vMn e b |L ) e vsK i e Z g vb wb i x K g mvmn vI j v` vi BDb ymG K vs, PvUWGK vDUvUm, c i c i wZ b e Qi wb i x K wn me ` vwq Z c vj b K i Qb | e vsj v` k e vsK i mswk we wa g vZ ve K Z vi v c yb t wb q vMi h vMb n b | Dj wL Z mf vq GK R b b Z zbwb i x K K wb q vMK i Z n e | A vMn x PvUvWGK vDUvUd vg mg ~n K 1 5 g 2 0 1 1 Z vwi L i g a Z v` i c ve R g v ` q viR b A vn vb K i v n Q|M) mva vi Ymf vq h vM` vb I f vU` vb i h vMGK R b m` mZ uvi c wi e Z h vM` vb I f vU` vb i R b GK R b c w wb q vMw` Zc vi e b |N) mwVK f ve c ~i YK Z I 1 0 ( ` k ) UvK v WvK g vmyj h y c w d i g K v vb xi i wR vWA wd me vwl K mva vi Ymf vi b ~b Z g4 8 N v c ~e R g v w` Z n e |O) K v vb xi GK R b K c vi Uk q vi n v vi Z vi c wi Pvj b v c l ` i wm v g h K vb e w K c wZ wb wa wn me e vwl K mva vi Y mf vq h vM` vb I f vU` vb i g Z v c ` vb K i Z c vi e b | D wm v i A b ywj wc e vwl K mva vi Ymf vi b ~b Z g 7 2 N v c ~e K v vb xi i wR vWA wd mR g v w` Z n e |P) e vwl K mva vi Ymf vq h vM` vb i R b m` mMY/ c w MYK e vwl K c wZ e ` b i mc wi Z Dc w wZ c mwVK f ve c ~i YK imv_ A vb Z n e |Q) m` mMY/ c w MYK 7 R yb 2 0 1 1 Z vwi L mg q g Z Z uv` i Dc w wZ wj wc e K i vi R b A b yi va K i v h v Q| e j v 1 0 Uvi c iK vb Dc w wZ wj wc e K i v n e b v|R ) h w` K vb m` mWvK h vMc wi Z e vwl K c wZ e ` b b v c q _ vK b , Z e D e vwl K c wZ e ` b 3 0 g 2 0 1 1 Gi g a K v vb xi i wR vWA wd m_ K msMn K i Z c vi e b | e vwl K mva vi Ymf v j K vb e vwl K c wZ e ` b we Z i YK i v n e b v|T ) m` mMYK Z uv` i e vsK GK vDUGe swVK vb vi h K vb v c wi e Z b Z uv` i wb R wb R wWc wR Uwi c vwUwmc U( wWwc ) Gi g va gn vj b vMv` K i vi R b A b yi va K i v h v Q|Registered Office : Peoples Insurance Bhaban36, Dilkusha C/A- Dhaka-1000, BangladeshAnnual Report 2010 06NOTICE OF THE 12TH ANNUAL GENERAL MEETINGNotice is hereby given to the effect that the 12th Annual General Meeting of the Members of Trust Bank Limited will be held on 07 June 2011 at 11.00 am at Golf Garden, Army Golf Club, Airport Road, Dhaka Cantonment, Dhaka to transact the following items of business and adopt necessary resolutions thereof: AGENDA Ordinary business:1.To receive, consider and adopt the Profit & Loss Account of the Company for the year ended on 31 December 2010 and the Balance Sheet as at that date together with the Reports of Directors and the Auditors thereon;2.To declare dividend as recommended by the Board of Directors; 3.To re-elect Directors in accordance with the provisions of the Articles of Association of the Company;4.To appoint Auditors of the Company for the term until conclusion of the next Annual General Meeting and to fix their remuneration. Special business:5.Totransferanamountnotexceeding5%oftotalincome(asdefinedinIncomeTaxOrdinance,1984)of financial year 2010 to Special Reserve Fund in accordance with Sub-section (v) of Section 29 of Income Tax Ordinance, 1984.6.Consideration of issuance of 1 (one) right share for every 5 (five) shares held at a price of Tk.200/- (including a premium of Tk. 100/- each), as recommended by the Board of Directors subject to consent of Securities and Exchange Commission. 7.To transact any other business with the permission of the Chair.By order of the Board of DirectorsSd/-Company SecretaryDated: 05 May 2011Notes:a)The Members, whose names appeared in the Register of Members of the Company or in the Depository on the Record Date (04 April 2011) will be eligible to attend AGM and receive bonus shares.b)Existing Auditors M/s Howladar Yunus & Co.Chartered Accountants 67, Dilkusha C/A (2ndfloor) Dhaka-1000 hascompleted3yearssincetheirappointmentandhencetheyarenoteligibleforre-appointment. Shareholderswillberequiredtoappointnew Auditorsinthe12th AGM.InterestedChartered Accountant firms are advised to submit their proposal on or before 15 May 2011.c)Any Member of the Company entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote on his/her behalf.d)The instrument appointing a proxy duly signed by the Member and stamped (of Tk. 10/-) must be submitted at the Registered Office of the Company at least 48 (forty-eight) hours before the meeting.e)AcorporatememberoftheCompanymaynominate,byvirtueofadecisionofitsBoardofDirectors,any persontoattendandvoteatthe AGM.Suchdecisionmustbesubmittedattheregisteredofficeofthe Company at least 72 hours before the AGM;f)Admission into the venue of the meeting will be allowed on production of attendance slip attached with the proxy form.g)Members are requested to register themselves for attending the meeting in time and the registration counters will close at 10.00 a.m.h)Incaseofnon-receiptof AnnualReportsentviacourierservice,Membersmaycollectthesamefromthe Companys registered office within 30 May 2011. No annual report will be distributed at the AGM venue.i)Membersareadvisedtoupdatechangeofaddressandbankaccount(ifany)throughtheirrespective Depository Participants.Registered Office : Peoples Insurance Bhaban36, Dilkusha C/A- Dhaka-1000, BangladeshAnnual Report 2010 07CORPORATE iNFORMATiONAnnual Report 2010 08Legal Form The company was incorporated on 17 June 1999 under the Companies Act 1994 as a public company limited by shares for carrying out all kinds of banking activities. Registration Number & DateC-37960 (2260)/99, 17 June 1999Sponsor ShareholdersArmy Welfare TrustCertificate of Incorporation Received on17 June 1999Certificate of Commencement of Business Received on17 June 1999Banking Licenses Received on15 July 1999First Branch Licenses Received on9 August 1999Formal Inauguration on29 November 1999Corporate Web [email protected] Public OfferingPublication of Prospectus17 May 2007Subscription Opening15 July 2007Subscription Closing19 July 2007Listed With Dhaka Stock Exchange (DSE) on25 September 2007Listed with Chittagong Stock Exchange (CSE) on24 September 2007Commencement of Trading of Shares at DSE01 October 2007Commencement of Trading at CSE01 October 2007Company Secretary Mr. Farhad Uddin AuditorsHowlader Yunus & Co., Chartered Accountants 67 Dilkusha C/A, Dhaka-1000 Tax Consultant M/S ADN Associates Kaizuddin Tower (8th floor), 47 Bijoy Nagar, Dhaka-1000 Registered Office & Head Office Peoples Insurance Bhaban, 36 Dilkusha C/A, Dhaka-1000 Tel: 9570261, 9570263, 9572012-3, Fax: 880-2-9572315 Registered Name of the Company Trust Bank limited Annual Report 2010 09Annual Report 2010 10Results for the year December 31st20092010Return on Average Assets (%)1.13%2.27% Return on Average Shareholders Fund (%)17.59%29.04% Cost/Income Ratio (%)44.95%37.48%Capital Adequacy 20092010 Tier I capital Ratio (%)10.91%7.69% Tier II capital (%)1.75%1.37% Total capital (Tier I & II) (%)12.66%9.06% Taka in MillionResults for the year 20092010% ChangesIncomeProfit Before Income Tax 1,150.572,140.36 86.03%Income Tax 539.66865.58 60.39%Profit After Income Tax 610.911,274.78 108.67%Profit Available After Appropriation 1.10846.70 76872.73%Taka in MillionAt The Year End 20092010% ChangesShareholders Fund 3,754.875,025.36 33.84%Total Deposits 48,464.6450,413.29 4.02%Total Loans And Advances 32,663.1139,799.92 21.85%Total Assets54,206.6558,276.33 7.51%Taka at ActualInformation Per Ordinary Share 20092010% ChangesEarnings (BDT) 33.0657.48 73.87%Dividends-Bonus20.0020.00 0.00%Net Asset Value 203.19226.61 11.53%Ratios 20092010% ChangesReturn on Average Equity (%)17.59%29.04%65%Liquidity Ratio (%) Capital Adequacy (%) Basel II12.66%9.06%-28%Financials at a GlanceTBL Market Share InformationSlMonth High (Taka)Low (Taka)Volume1 January458.50 405.50 18,33,5002 February517.00 416.00 37,43,4503 March443.00