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One Bank Limited incorporated in Bangladesh as a public limited company was established in 1999 under the companies act 1994. It started banking operations on 14 July 1999. Its authorised and paid up capital were Tk 1,000 million and 202.5 million respectively. The capital is divided into ordinary shares of Tk 100 each. Fifty percent of its total share capital is reserved for the promoters designated as Group-A shareholders and the remaining 50% for general public designated as Group-B shareholders. The head office of the bank is at Dhaka. A 10-member board of directors including the chairman and a vice-chairman governs the overall affairs of the bank. The managing director is its chief executive. In 2001, it had 73 employees, and 4 branches, all in urban areas. Functions of the bank are deposit mobilisation, lending, investment, foreign exchange business and other traditional banking services. Total deposits of the bank amounted to Tk 2,261.2 million in December 2000 and the deposit-mix comprised term deposits, savings bank deposits and current and contingency accounts, etc. As a new bank, it could not reach break-even and therefore, could not create any reserve funds till 31 December 2000. Foreign exchange business handled by the bank in 2000 accounted for Tk 574 million covering export servicing, import financing and remittance facilities. The bank established foreign correspondent relationships with 33 international banks/bank offices. Loans and advances made by the bank in 2000 were Tk 1,630.1 million. Its lending during 1999-2000 was limited to medium and large-scale industries, working capital finance, export credit, commercial loans and other activities. As on 31 December 2000, the bank had no non-performing/classified loans but had a outstanding balance of loans of Tk 382.7 million. Investments of the bank in 2000 were Tk 240.26 million, which was made mainly in government treasury bills, from which it earned interest incomes of Tk 10.66 million.
In 2000, total assets of the bank were valued at Tk 3,230.6
million and the off-balance-sheet assets at Tk 892.4 million. Total operating
incomes of the bank were Tk 198.3 and total expenditures Tk 167.4 million.
The bank suffered a net loss of Tk 8.9 million in 2000 after adjusting
all provisions. [S M Mahfuzur Rahman] |
