Delta Brac Housing Finance Corporation · CORPORATE PROFILE Delta Brac Housing Finance Corporation Ltd. (DBH) is the pioneer, largest and specialist in Housing Finance Institution - [PDF Document] (2022)





    Letter of Transmittal 04

    Notice of the 24th AGM 05

    Core Values, Corporate Profile & Corporate Responsibility06

    Mission, Vision, Strategic Objectives & CompetitiveStrengths 07

    Corporate Directory 08

    Profile of the Board of Directors 10

    Board Committees 20

    Management & Executives 21

    Operational and Financial Highlights 22

    Financial Highlights as required by Bangladesh Bank 23

    Graphical Presentation of Financial Performances 24

    Historical Record of Dividend Payments 26

    Value Added Statement 27

    Market Value Added Statement 28

    Economic Value Added Statement 29

    Message from the Chairman 30

    Directors’ Report 33

    Management Discussion and Analysis 46

    Report on Corporate Governance 54

    Declaration on Financial Statements by CEO & CFO 68

    Certificate on Corporate Governance 69

    Statement of compliance with the good governance guidelines

    issued by Bangladesh Bank 82

    Report on Internal Control 85

    Audit Committee Report 87

    Green Banking Activities 89

    National Integrity Strategy 90

    Corporate Social Responsibility 91

    Disclosure on Capital Adequacy & Market Discipline 93

    Report on Going Concern 99

    Directors’ Responsibility Statement 101

    Report on Human Resources 102

    Stakeholders Analysis 104

    Statement on Protection of Minority Shareholders’ Interest106

    Annual Report Review Checklist 107

    Auditor’s Report 110

    Balance Sheet 116

    Profit & Loss Account 117

    Cash Flow Statement 118

    Statement of Changes in Equity 119

    Liquidity Statement 120

    Notes to the Financial Statements 121

    Proxy Form & Attendance Slip 149

    MissionVision 7

    Profile ofthe Board of


    Operationaland Financial


    Directors’Report 33

    Auditor’sReport 110


    All Shareholders

    Bangladesh Bank

    Registrar of Joint Stock Companies & Firms

    Bangladesh Securities & Exchange Commission

    Dhaka Stock Exchange Ltd.

    Chittagong Stock Exchange Ltd.

    Aziz Halim Khair Choudhury, Chartered Accountants

    Chairman, Audit Committee

    Dear Sir/Madam,

    Re: Annual Report for the year ended December 31, 2019.

    We are pleased to enclose a copy of the Annual Report togetherwith the audited financial statements including balance

    sheet as at December 31, 2019, profit and loss account, cashflow statement and statement of changes in equity for the year

    ended on that date along with notes thereon for your kindinformation and record.

    Thank you.

    Yours sincerely,

    Jashim Uddin, FCSCompany Secretary




    By order of the Board


    Jashim Uddin, FCSCompany Secretary March 12, 2020


    a. Members whose name appeared on the Depository/MembersRegister as on “Record Date” i.e. March 11, 2020 are eligible toattend the Annual General Meeting (AGM) and receive dividend.

    b. A Member may appoint a proxy to attend and vote in his/herplace by filling proxy form as per Article 89(i) of the Articles ofAssociation. The proxy form, duly completed and stamped at Tk.20.00, must be deposited at the office not later than 48 hoursbefore the time scheduled for holding the meeting and in default,Form of Proxy will be treated as invalid.

    c. Link of the web address has been sent to the Shareholders totheir respective e-mail addresses to download the Annual Report.Shareholders may also find the annual report in the FinancialReport section of the Company’s website:

    d. The concerned Merchant Banks and all Depository Participants(DPs) are requested to provide the soft/hard copies of the list ofmargin clients along with the bank details of the company to thefollowing email address: [emailprotected] / share office of theCompany for entitlement of dividend.

    e. The concerned Trustee Board of approved superannuation fund,pension fund, gratuity fund, recognize provident fund and workersparticipation fund are requested to provide us updated tax rebatecertificate on or before March 25, 2020 through mail/courier.

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    Notice is hereby given that the 24th Annual General Meeting ofthe Shareholders of the Company will be held on March 29, 2020(Sunday) at 11.00 a.m. at ‘Delta Life Conference Hall’, Delta LifeTower (13th Floor), Plot # 37, Road # 90, Gulshan Circle-2,Dhaka-1212 to transact the following businesses:

    1. Consideration and adoption of Directors’ Report, AuditedFinancial Statements for the year ended December 31, 2019 and theAuditors’ Report thereon.

    2. Declaration of dividend for the year ended December 31,2019.

    3. Appointment/re-appointment of Directors.

    4. (a) Appointment/ Re-appointment of statutory auditors andfixation of their remuneration;

    (b) Appointment of a professional to provide the certificate oncompliance on the Corporate Governance Code

    of BSEC for the year 2020, as well as fixation of theirremuneration.


    Honesty, integrity and ethics in all aspects of business


    Outstanding service to the customer,

    above all else

    Individual opportunity,

    responsibility and reward based on


    Hard work and continuous self-improvement,

    never being satisfied

    Respect and concern for the individual


    CORPORATE PROFILEDelta Brac Housing Finance Corporation Ltd.(DBH) is the pioneer, largest and specialist in Housing FinanceInstitution in the private sector of the country. After commencingoperation in 1996 the company has registered commendable growth increating home ownership in Dhaka and other major cities of thecountry. At the same time, the company has been playing an activerole in promoting the real estate sector to the large crosssections of prospective clients who had but yet unfulfilled dreamof owning a home.

    Among all Banks and Financial Institutions of Bangladesh onlyDBH has been rated the highest ‘AAA’ credit rating for fourteenconsecutive years. The level of credit rating provides a veryimportant indication of the financial safety, security and strengthof the concerned Bank or Financial Institution and is particularlyrelevant to its depositors and other investors such as shareholdersand lenders.

    CORPORATE RESPONSIBILITYDBH is recognized as a responsiblecorporate citizen for its continuous effort to promote ownership ofhousing, wealth creation and also towards the improvement of theunderprivileged and weaker sections of the society. DBH iscommitted to participate in ventures for improvement of our societyby taking development initiatives which contribute to the country’srich cultural heritage.


    STRATEGIC OBJECTIVES Focus on building deep and long-standingrelationships with our clients, customers as well

    as real-estate developers, and constantly look to improve thequality of our products and services.

    Focus on developing our human resource talents. Ensure balancedgrowth with a disciplined approach to the management of risks andcosts. Ensure adequate capital and liquidity to sustain ourbusiness over the long term.

    COMPETITIVE STRENGTHSDBH is the major player in the housingfinance sector in Bangladesh since 1997 and remains one of theleading non-bank financial institutions. Today, we are an acclaimedbrand for a high level of customer service; and respected forethics, values and corporate governance.

    We have developed an attractive suite of products that cater toall customer segments, with our primary focus to strengthen thesociety by expanding home ownership. By leveraging ourunderstanding of customers from different economic segments, we aretoday in a position to extend a range of products and services inloans as well as deposits through our specialized team members.Thus, we provide one stop facility for our customer needs.


    To strengthen the society of the country by

    continually expanding home ownership.


    To be the leading financial institution in the country withsatisfied

    customers and employees and to generate value for ourshareholders while contributing to the well being

    of the society.



    Landmark Building (9th Floor)12-14 Gulshan North C/A, Gulshan-2,Dhaka-1212PABX: 09612 334455, +880 (2) 9842374, 58816001, 9882112,Fax: + 880 (2) 9882110Corporate Website: www.deltabrac.comCorporatee-mail: [emailprotected] Customer Center: 16562 or09612222888


    Dhanmondi BranchPantha Plaza (1st Floor), 63/A Lake Circus,Kalabagan (West Panthapath), Dhaka-1205PABX: 09612 334440, 09612334455 +880 (2) 9134211, 9124112, 58155745

    Motijheel Branch

    D R Tower (7th Floor), 65/2/2, Purana Paltan,Box Culvert Road,Dhaka-1000PABX: 09612 334400, 09612 334455, +880 (2) 47111774,47111778, 9565053

    Uttara BranchUnion Nahar Square (4th Floor), Plot- 19, SonargaonJanapath Road, Sector-13, Uttara, Dhaka-1230PABX: 09612 334480,09612 334455, +880 (2) 48956657, 8991580

    Savar Branch

    MK Tower (4th floor), B-16/1 JaleshwarShimultola, Savar, DhakaPABX: 09612 334500, 09612334455

    Gazipur BranchReaz Tower (2nd Floor), Tangail Road,JoydebpurChowrasta, Gazipur City Corporation,Gazipur -1702PABX : 09612334520, 09612 334455

    Cumilla BranchTrical Tower (1st Floor)634/581, Laksham Road,Cumilla-3500PABX: 09612 334700, 09612 334455

    Agrabad Branch

    Makkah Madinah Trade Centre (MMTC)6th floor (South side)78Agrabad Commercial Area, ChattogramPABX : 09612 334650, 09612334455

    Nasirabad Branch

    Sanmar Tower-1 (5th Floor), 1850/3319, CDA Avenue, EastNasirabad, ChattogramPABX: 09612 334600, 09612 334455, +880 (31)2551224-6

    Sylhet Branch

    19/A, Kumarpara Road, (1st Floor) Kumarpara, Sylhet PABX: 09612334630, 09612 334455+ 880 (821) 722489, 722490

    Narayanganj Branch

    Madina Tower (1st Floor), 42/2 Nawab Salimullah Road, NorthChashara, NarayanganjPABX: 09612 334540, 09612 334455


    Citibank, N.A. Commercial Bank of Ceylon PLCDhaka Bank LimitedIFIC Bank limitedNRB Bank Limited

    Prime Bank Limited Pubali Bank Limited Standard Chartered BankStandard Bank Limited Woori Bank Limited


    Aziz Halim Khair Choudhury

    Chartered AccountantsPhulbari House, House # 25Road # 1, Sector# 9, Uttara Model TownDhaka-1230


  • Mr. Nasir A. ChoudhuryChairman

    Dr. A M R ChowdhuryVice Chairman

    Ms. Mehreen Hassan, Bar-at-LawDirector

    Mr. Md. Mujibur RahmanDirector

    Mr. Mohammed Irfan SyedDirector

    Mr. Syed Moinuddin AhmedDirector

    Mr. M. Anisul Haque, FCMADirector

    Ms. Rasheda K. ChoudhuryIndependent Director

    Major General Syeed Ahmed, BP, awc, psc (Retd.)IndependentDirector

    Mr. Q. M. Shariful Ala, FCAManaging Director & CEO


  • ANNUAL REPORT 201910


    Mr. Nasir A. Choudhury is the Chairman of the Board of Directorsof the Company.

    Mr. Choudhury is acting as Advisor of Green Delta InsuranceCompany Limited (GDIC). He is in the insurance profession for overthe last 50 years and was the Founding Managing Director ofGDIC.

    After obtaining his Masters Degree from the University of Dhaka,he started his career in Karachi in the then Pakistan InsuranceCorporation in 1958. Mr. Choudhury received advanced training ininsurance and reinsurance from UK and Germany during 1961 and 1962.After the liberation of Bangladesh, he was responsible forarranging reinsurance for the newly established BangladeshInsurance Corporation and subsequently for Sadharan BimaCorporation as General Manager. Mr. Choudhury was the ManagingDirector of GDIC since its inception (01-01-1986) until hisretirement in May 2013.

    Mr. Choudhury is an executive committee member of the Federationof Afro-Asian Insurers & Reinsurers (FAIR). He was theHonorable Insurance Advisor of Bangladesh Biman and BangladeshShipping Corporation for decades. He was the Chairman of BangladeshInsurance Association, the official body of all the private sectorinsurance companies of the country from 2001 to 2005.

    Mr. Choudhury is the Chairman of Green Delta Securities Ltd.,Green Delta Capital Ltd. & GD Assist Ltd. He is one of theSponsor of Union Capital Limited and Director of United Hospital(Pvt.) Limited and Managing Director of Nascom (Pvt.) Ltd. Mr.Choudhury is also the Member of Governing Body of BangladeshInsurance Academy.

    He was honored with “Lifetime Achievement Award” by TheDHL-Daily Star in April 2010 for his outstanding contributiontowards the development of the insurance industry in Bangladesh.His other notable awards include: Lifetime Achievement Award byAsia Insurance Review as the first Bangladeshi Insurer, MotherTeresa International Award for contributions as a Social Worker,Honesty Award by Campus and Golden Award by JalalabadAssociation.

    He has been a Director of DBH, nominated by Green DeltaInsurance Company Limited, since 1996 and Chairman of DBH since May2017.

    Nasir A. ChoudhuryChairman






    DBH SINCE MAY 2017.






    OF DBH SINCE MAY 2017.

    Dr. A M R ChowdhuryVice Chairman

    Dr. Mushtaque Chowdhury is a Professor of Population and FamilyHealth at the Mailman School of Public Health of ColumbiaUniversity in New York. Previously, he was the Vice Chair of BRAC,the world’s largest non- governmental organization and was thefounding Director of the Research and Evaluation Division andfounding Dean of the James P. Grant School of Public Health. During2009-12, he worked as the Senior Adviser for the RockefellerFoundation, based in Bangkok, Thailand. He also served as aMacArthur Fellow at Harvard University. Dr. Chowdhury was acoordinator of the UN Millennium Task Force on Child Health andMaternal Health, set up by the former Secretary General Kofi Annan.Dr. Chowdhury holds a PhD from the London School of Hygiene andTropical Medicine, an MSc from the London School of Economics and aBA (Hon’s.) from the University of Dhaka.

    Dr. Chowdhury had been awarded the prestigious “Medical Award ofExcellence” in the year 2017 by US- based Ronald McDonald HouseCharities (RMHC) for his outstanding contribution to improvinghealth and ensuring wellbeing of children. He is a co- recipient ofthe ‘Innovator of the Year 2006’ award from the Marriott BusinessSchool of Brigham Young University in USA and in 2008 he receivedthe PESON oration medal from the Perinatal Society of Nepal. Dr.Chowdhury has published over 150 articles in peer-reviewedinternational journals including the International Journal onEducation, the Lancet, the Social Science & Medicine, TheScientific American and the New England Journal of Medicine.

    Dr. Chowdhury is a founder of the Bangladesh Education Watch andBangladesh Health Watch, two civil society watch-dogs on educationand health respectively. He is on the board and committees ofseveral organizations and initiatives, including: Board of Trusteesof BRAC University in Bangladesh, and International Growth Centreand the South Asia Centre at the London School of Economics. He isalso a Senior Fellow of the Bangladesh Institute of DevelopmentStudies (BIDS).

    He has been a Director of DBH, nominated by BRAC, since February2015 and Vice- Chairman of DBH since May 2017.

  • ANNUAL REPORT 201912

    Ms. Mehreen Hassan is a Barrister- at-law and Advocatepracticing in the High Court Division of the Supreme Court ofBangladesh. Her areas of practice (both litigation and advisorymatters) involve mostly Corporate and Commercial laws. She hasexperience working with several banks and insurance companies onmatters involving Banking, Insurance laws and Securities laws. Shealso practices in the areas of International Arbitration, Admiraltymatters, Constitutional and Administrative laws.

    Ms. Hassan obtained her Bar-at-law degree from City University,UK in the year 2007 and is a member of the Lincoln’s Inn, UK. Shecompleted a mini-pupilage with Staple Inn Chambers in London priorto returning to Bangladesh in 2007. She is a member of the DhakaBar Association and the Supreme Court Bar Association of Bangladeshand also participates in various social and charitable activitiesthrough her association with Zonta International Dhaka.

    Ms. Hassan has been a Director of DBH, nominated by Delta LifeInsurance Company Limited, since June 2012.

    Mehreen Hassan, Bar-at-LawDirector






    JUNE 2012.


    Mr. Md. Mujibur Rahman was born in 1952 in a respectable

    Muslim family. He did his B.Com (Hons) and M.Com from

    the University of Dhaka in 1972 and 1973 respectively. Mr.

    Rahman was a Director and also a Member of the Audit

    Committee of Delta Life Insurance Company Limited

    from May 23, 2012 to September 07, 2014. Beside regular

    academic education, he participated in various professional

    courses and seminars at home and abroad. His area of work

    experience ranges from Management and Administration

    in Accounts, Finance, Internal Audit, Procurement and

    Supply Chain and Contract and Commercial Legal Affairs

    since 1975 in the fields of hospitality, readymade garments

    and real estate development. He is presently working as

    the Executive Director of Shanta Holdings Limited. He is a

    Director of Shanta Securities Limited and also a member of

    the Board of Trustees and General Secretary and Treasurer

    of the philanthropic nonprofit healthcare provider “Centre

    for Woman and Child Health (CWCH)”, a Specialized Hospital

    dedicated for the treatment of mostly under privileged

    women & children, operating at EPZ Bypass Road, Ashulia,

    Savar, Dhaka.

    He has been a Director of DBH, nominated by Delta Life

    Insurance Company Limited, since December 2017.

    Md. Mujibur RahmanDirector





    DECEMBER 2017.

  • ANNUAL REPORT 201914

    Mohammed Irfan SyedDirector





    Mr. . Irfan Syed received his Bachelor’s in Commerce from

    Dhaka University and his Master’s in Business Administration

    from California University in USA. He also earned a Diploma

    in Advanced Accounting from the University of Maryland,

    USA. Mr. Syed started his career with Banque Indosuez,

    Dhaka in 1986 and then moved to Hong Kong in 1988 to

    take up a position in international trade finance with theBank

    of Credit & Commerce HK Ltd. In 1991 he again returnedto

    Banque Indosuez to join their trade finance team in Dhaka.

    He left international banking to start his own textiletrading

    company in 1993 & subsequently joined Beximco Textiles

    Division in 1995 to organize their marketing &commercial

    departments, and was later appointed as Head of their

    Garments Division. In 2001 he moved to USA and worked

    as an accountant and business head for several non-profit

    organizations. After almost a decade, Mr. Syed returned to

    Bangladesh and joined Bank Asia Ltd. to serve from 2010 to

    2018 as a Member, Board of Directors and Chairman of the

    Risk Management Committee.

    He has been a Director of DBH, nominated by BRAC, since

    December 2018.


    Mr. Syed Moinuddin Ahmed is a respected banking and financeprofessional in Bangladesh with an experience spanning over twodecades.

    Having an MBA in Finance from the University of Dhaka, Mr. Ahmedstarted his career at Southeast Bank. Beginning as a managementtrainee at the bank, he subsequently drew rich experience by virtueof working with several other reputed commercial banks in thecountry and across various roles, before joining the renowned GreenDelta Insurance Group in 2009.

    Mr. Ahmed’s contribution in evolving the GDIC Group into itspresent exalted status has been a highlight of his long andillustrious career. At Green Delta Insurance, the flagship of theGDIC Group, Mr. Ahmed has worked in various departments and hastaken up several responsibilities that include managing Boardaffairs and engaging in business development, business processoptimization, technology, forging strategic alliances, optimisinghuman resource and ensuring project deliverables. The recognitionof Mr. Ahmed’s relentless efforts in building strong foundations ofthe Group was his elevation to the role of Additional ManagingDirector and Company Secretary of Green Delta Insurance Company andManaging Director of GD Assist, a fast-emerging company in thegroup.

    Today, Mr. Ahmed continues to lead and inspire his team throughhis experience and foresight. Having travelled throughout the worldfor work and having being exposed to several workshops and seminarsglobally, Mr. Ahmed is passionate about implementing global bestmanagement practices and technological advancements in Bangladesh,thereby contributing to the country’s advancement in his own smallway.

    He has been a Director of DBH, nominated by Green DeltaInsurance Company Limited, since September 2019.

    Syed Moinuddin AhmedDirector





    SEPTEMBER 2019.

  • ANNUAL REPORT 201916

    Mr. M. Anisul Haque is a Finance and Accounting Professional. Hecompleted his M.Com in Management from Rajshahi University and MBAmajor in Finance from Dhaka University. He is also a Fellow Memberof the Institute of Cost and Management Accountants of Bangladesh(ICMAB).

    Mr. Haque has 21 years of professional experience in the fieldin Finance, Accounting, Budgeting, Banking, Tax, ManagementAccounting and Capital Market Operation. He has been working withShanta Group as Chief Finance Officer/ Finance Director since1998.

    Mr. Haque is also holding the position of Director of Delta LifeSecurities Ltd. and Shanta Securities Ltd. He is actively engagedwith various social activities and holding the membership ofKurmitola Golf Club, Banani Club and Gulshan Youth Club.

    He has been a Director of DBH, nominated by Delta Life InsuranceCompany Limited, since January 2020.

    M. Anisul Haque, FCMADirector








    Ms. Rasheda K. Choudhury is the Executive Director of CAMPE, anetwork of more than a thousand education NGOs, researchers andeducator groups in Bangladesh. It is well known for its evidencebased advocacy, pro-people campaigns and capacity to mobilsethousands of people particularly at the grassroots level foradvancing SDG-4 /Education 2030 Agenda.

    Ms. Rasheda is also Member-Secretary of Education Watch, thelargest academia-civil society joint initiative that regularlyreviews the status of Education in Bangladesh. It has earned widerecognition at home and abroad and inspired others Watchinitiatives, at the courtesy of GCE and in cooperation with ASPBAEand ANCEFA, in other countries of Asia-Pacific and Africaregions.

    Ms. Rasheda is Co-Founder of the Global Campaign for Education(GCE), a civil society movement, operating in more than 100countries working to end the global education crisis. She is alsoan elected Member of the CCNGO Coordination Group of UNESCO, aglobal coordination mechanism of more three hundred NGOs inconsultative status with UNESCO.

    Ms. Choudhury is a member of the Board of Trustees (BOT) of BRACUniversity.

    Ms Choudhury is currently a member of the Consultative Group ofthe External Resources Division (ERD), Government ofBangladesh.

    Ms. Rasheda is also a member of the Population ExpertGroup/Committee of the General Economics Division (GED) of thePlanning Commission.

    She is also a Member of the Committee on Economic, Social,Cultural and Political Rights of the National Human Rights of theCommission, Bangladesh.

    In 2008, Rasheda became an Adviser (Cabinet Minister) to theInterim Non-party Caretaker Government of Bangladesh. Serving inthat position involved high-level decision making, particularly inthe Ministries of Primary and Mass Education, Cultural Affairs,Women and Children Affairs. Her involvement in the government’sdecision-making process, even for a short period, gainedrecognition for the education campaigners in the country. Thepro-learner, pro-quality reforms that she introduced were lateraccepted and continued by the elected government.

    She regularly writes in national newspapers and participates indebates of national and international significance relating todevelopment issues particularly on the right to education, genderjustice and inclusive development.

    Ms. Rasheda is also an Independent Director of DBH, sinceDecember 2017.

    Rasheda K. ChoudhuryIndependent Director






  • ANNUAL REPORT 201918

    Major General Syeed Ahmed BP (retd), is a freedom fighter of theLiberation War of 1971. He served thirty three years in Command,Administrative and Management positions and acquired experience atvarious echelons of Bangladesh Army and also in later years, indiplomatic postings, as Ambassador and High Commissioner to Kuwaitand Kenya.

    During his tenure in the military he served as the PrincipalStaff Officer at the Armed Forces Division under the current PrimeMinister. Armed Forces Division operates directly under the PrimeMinister as the highest coordinating Headquarters for the threeServices (Army, Navy and Air Force) of the Bangladesh Armed Forces.At the Army Headquarters level as Director Military Operations heoversaw the world wide deployment of Bangladesh Armed Forces in UNPeace Keeping Operations.

    During his tenure he commanded Divisions, Brigades andBattalions in the field, which included serving as the GeneralOfficer Commanding (GOC) of the 19th and the 9th Infantry Divisionrespectively.

    He attended Army War College (awc) at Carlyle, Pennsylvania,USA, and National Defense University at Beijing, China.

    He is a BA (Honours) graduate in General History from Universityof Dhaka and completed his SSC and HSC from Faujdarhat CadetCollege.

    He had served as Advisor and CEO of BRACNet Limited, an InternetService Provider Company, a joint venture between BRAC ofBangladesh, Defta Partners of USA and KDDI Corporation ofJapan.

    Mr. Syeed Ahmed is also an Independent Director of DBH, sinceDecember 2018.

    Major General Syeed Ahmed, BP, awc, pse (Retd.)IndependentDirector



    DECEMBER 2018.


    Mr. Q. M. Shariful Ala is the Managing Director & CEO ofthe


    Mr. Ala graduated with a BSc (Economics) first class honours

    degree from the London School of Economics (LSE),

    University of London in 1981. He joined the London office

    of Price Waterhouse in 1981 and qualified as a member

    of the Institute of Chartered Accountants in England &

    Wales in 1984. Whilst working at Price Waterhouse, he had

    exposure to several large multinationals, including ShellOil

    and JP Morgan. He is also a fellow Member of the Institute

    of Chartered Accountants of Bangladesh.

    He has extensive finance and corporate management

    experience, primarily in the financial services sector, bothin

    Bangladesh and in the United Kingdom. He is also presently

    a non-executive Board Member of Omera Fuels Limited,

    Omera Petroleum Limited, Omera Cylinders Limited and

    Unicap Securities Limited.

    Mr. Ala has led the executive management team of DBH as

    the Managing Director & CEO, since 1997.

    Q. M. Shariful Ala, FCAManaging Director & CEO





    CEO, SINCE 1997.

  • ANNUAL REPORT 201920


    Major General Syeed Ahmed, BP, awc, psc (Retd.) Chairman

    Mr. Md. Mujibur Rahman

    Ms. Rasheda K. Choudhury

    Mr. Syed Moinuddin Ahmed

    Mr. M. Anisul Haque, FCMA


    Ms. Mehreen Hassan, Bar-at-LawChairperson

    Dr. A M R Chowdhury

    Mr. Mohammed Irfan Syed

    Mr. Q. M. Shariful Ala, FCA




    Q. M. Shariful AlaManaging Director & CEO

    Nasimul BatenHead of Business

    A. K. M. Tanvir KamalHead of Credit

    Tanvir AhmadHead of Human Resources

    Md. Hassan Iftekhar YussoufHead of Information Technology

    Saiyaf Ejaz Head of Recovery, Customer Services &Administration

    Syed Aminul IslamHead of Finance

    Md. Zakaria EusufHead of Branch – Head Office Branch &Cluster Head

    Md. Golam RosulHead of Branch – Dhanmondi Branch & ClusterHead

    Md. Fakrul AminHead of Legal

    Jashim UddinCompany Secretary & Head of CorporateAffairs

    Moahedul MowlaHead of Branch - Nasirabad

    Khandaker Satil SayeedFinancial Controller

    Md. Ariful Bari RumiHead of Branch – Motijheel

    Mir Md. Mukhlesur RahmanVP - Credit

    Nahid AhmedHead of Treasury

    Sabed Bin AhsanHead of Sales

    A. H. M. Mostofa KamalVP – Technical & Property Services

    Kazi Hasanul IslamSAVP - Loans

    Md. Mamunur Rashid BhuiyanSAVP – Recovery & Legal

    Mohammad Manjurul AlamSAVP - Sales

    Siddartho Sangkor KirtoniaSAVP – Information Technology

    Bidhan Krishna GhoshAVP – Sales & Regional Branches

    Imtiaz Elahi SohelAVP - Brand & Communications

    Md. Mamun-Ur-RashidAVP – Information Technology

    Md. Mustaquimur RashidAVP - Human Resources

    Md. Rasel SarkerAVP – Information Technology

    Muhammad Abdullah Al RazeeBranch Manager – Uttara

    A.K.M. Zahidul Hassan ChoudhuryBranch Manager – Savar

    Khairul AlamBranch Manager – Gazipur

    Md. Jubraj HossainSenior Manager - Treasury

    Shihabuddin MahmudSenior Manager - Internal Audit

    Md. Abdullah Al MamunSenior Branch Sales Manager

    Md. Moshiour RahmanSenior Branch Sales Manager

    Mohammed Atiqur Rahman AkandSenior Manager – Sales

    Sabbir MahamudSenior Manager - Human Resources

    Mir Mohammad Ariful IslamSenior Manager - Customer Services

  • ANNUAL REPORT 201922


    (Million Taka)

    Operational Highlights 30-Jun-16 31-Dec-16 31-Dec-17 31-Dec-1831-Dec-19

    Loan approvals 13,818 6,230 15,198 8,632 8,934

    Loan disbursement 11,517 6,157 14,711 10,273 10,112

    Cumulative disbursement 72,133 78,290 93,001 1,03,2741,13,386

    Cumulative sanction 75,720 81,950 97,148 1,05,780 1,14,714

    (Amount in Million Taka except Ratios, EPS and BVPS)

    Financial Highlights 30-Jun-16 31-Dec-16 31-Dec-17 31-Dec-1831-Dec-19

    Profit before tax 1,395 *602.91 1,492 1,607 1,556

    Profit after tax 786 *330.81 949 1,048 1,077

    Shareholders' fund 3,609 3,591 4,358 5,040 5,812

    Total deposit 28,728 34,394 41,188 43,319 43,411

    Long term borrowing 3,446 3,109 2,610 2,219 1,954

    Housing loan portfolio 33,397 35,552 42,041 43,427 44,296

    Total balance sheet size 40,685 46,472 54,581 57,499 59,251

    NPL ratio (%) 0.34% 0.36% 0.27% 0.30% 0.45%

    Return on equity (average equity) 23.19% 18.38% 23.88% 22.30%19.85%

    Earnings per share 6.77 **5.43 7.79 8.60 8.04

    Earnings per share (restated) 5.86 **4.94 7.08 7.82 8.04

    Book value per share 31.10 29.47 35.76 41.36 43.36

    Dividend cover ratio 1.94 1.81 2.60 2.46 2.30

    Loan sanction and loan disbursement figures against 31/12/2016represents 6 months figures commencing from July 1, 2016 toDecember 31, 2016.

    * Profit before tax and profit after tax represents profit forthe period from July 1, 2016 to December 31, 2016 Return on averageequity on December 31, 2016 calculated annualising profit after taxof Tk. 330.81mn.

    ** Annualized EPS



    (Figures in million Taka except ratios and per share data)

    Financial Highlights 31-Dec-19 31-Dec-18

    Paid up Capital 1,340 1,219

    Total Capital 5,812 5,040

    Capital Surplus/(Deficit) 340 219

    Total Assets 59,251 57,499

    Total Deposits 43,411 43,319

    Total Loans & Advances 44,522 43,848

    Total Contingent Liabilities and Commitments 472 543

    Credit Deposit Ratio (times) 1.03 1.01

    Percentage of Classified Loans against total loans and advances0.45% 0.30%

    Profit after Tax & Provision 1,077 1,048

    Amount of Classified Loans during current year 201.61 132.77

    Provision kept against Classified Loans 201.61 132.77

    Provision Surplus/ (Deficit) 264.52 459.63

    Cost of Fund 9.30% 8.30%

    Interest Earning Assets 57,525 54,963

    Non Interest Earning Assets 1,726 2,536

    Return on equity (ROE) 19.85% 22.30%

    Return on Asset (ROA) 1.84% 1.87%

    Income from Investment 27 46

    Earnings per Share 8.04 8.60

    Earnings per Share (Restated) 8.04 7.82

    Net Income per Share 8.04 8.60

    Price Earning Ratio 14.23 15.05

  • ANNUAL REPORT 201924


    PROFITSMillion Taka

    2015-16 July 16 toDecember 16January 18 toDecember 18

    January 17 toDecember 17

    January 19 toDecember 19

    Operating pro�t before provision Pro�t before tax Pro�t aftertax



























    2015-16 December 31, 2016 December 31, 2017 December 31, 2018December 31, 2019











    NPL (%)Housing Loan





    2015-16 December 31, 2016 December 31, 2018December 31, 2017December 31, 2019

    Total Assets Fund under Management






















    2015-16 December 31, 2016 December 31, 2017 December 31, 2018December 31, 2019

    EQUITYMillion Taka




















    Share Capital Reserves & Surpluses


    Deposits84.82%Long -term loans3.82%Shareholders'Equity11.36%

    DEPOSITS Million Taka


    December 31, 2016

    December 31, 2017

    December 31, 2018

    December 31, 2019 43,411





  • ANNUAL REPORT 201926


    The Company started its journey in early 1997 and was able topay the dividend to its shareholders since 2000. The

    historical record of payment of dividend is given hereunder asgeneral disclosure to the stakeholders of the Company.

    Year Paid-up Capital (Tk.) Dividend (%)

    1999-2000 20,00,00,000.00 7.50 (Cash)

    2000-2001 20,00,00,000.00 12.00 (Cash)

    2001-2002 20,00,00,000.00 15.00 (Cash)

    2002-2003 20,00,00,000.00 15.00 (Cash)

    2003-2004 20,00,00,000.00 18.00 (Cash)

    2004-2005 20,00,00,000.00 22.00 (Cash)

    2005-2006 22,00,00,000.00 25.00 (10% Stock & 15% Cash)

    2006-2007 22,00,00,000.00 30.00 (Cash)

    2007-2008 27,00,00,000.00 New Issue of Tk. 500,00,000 (IPO)

    2007-2008 35,10,00,000.00 30.00 (Stock)

    2008-2009 40,36,50,000.00 32.00 (15% Stock & 17% Cash)

    2009-2010 50,45,62,500.00 35.00 (25% Stock & 10% Cash)

    2010-2011 1,00,91,25,000.00 100.00 (Stock)

    2011-2012 1,16,04,93,750.00 25.00 (15% Stock & 10% Cash)

    2012-2013 1,16,04,93,750.00 25.00 (Cash)

    2013-2014 1,16,04,93,750.00 25.00 (Cash)

    2014-2015 1,16,04,93,750.00 30.00 (Cash)

    2015-2016 1,21,85,18,430.00 35.00 (5% Stock & 30% Cash)

    July 2016 - Dec 2016 (six months)

    1,21,85,18,430.00 15.00 (Cash)

    2017 1,21,85,18,430.00 30.00 (Cash)

    2018 1,34,03,70,270.00 35.00 (10% Stock & 25% Cash)



    Value added is the wealth DBH has created through extendingmortgage loan and various services. The value added statement showsthe total worth created and how the same was distributed to meetvarious obligations

    and reward those responsible for its creation. A portion alsoretained in the business for continued operation and expansion ofDBH.

    Figures in BDT

    December 31, 2019 December 31, 2018

    Amount % Amount %

    Value added

    Net interest income 1,710,726,877 88.26% 1,792,775,17090.88%

    Fees earned 199,772,398 10.31% 146,116,642 7.41%

    Investment Income 26,835,187 1.38% 45,906,426 2.33%

    Other income 5,544,134 0.29% 11,239,822 0.57%

    Operating expense except salary & allowances, depreciation& amortization

    (141,858,877) -7.32% (129,244,729) -6.55%

    Provision for loan, advances & investments 137,209,413 7.08%105,870,631 5.36%

    Total value added by the company 1,938,229,132 100%1,972,663,962 100%

    Distribution of value added


    As Salary & Allowances 352,605,438 18.19% 340,063,56217.24%

    Provider of Capital

    Dividend to Ordinary shareholders 469,129,595 24.21% 426,481,45118.53%


    Income tax 478,963,006 24.71% 558,636,882 28.32%

    Retained for business growth

    Earning retained in the business 607,860,124 31.36% 621,417,11234.59%

    Depreciation and amortization 29,670,969 1.53% 26,064,9551.32%

    Total distribution 1,938,229,132 100% 1,972,663,962 100%

    December 31, 2019

    Retained in theBusiness32.89%Employees18.19%Shareholders24.21%Government24.71%

    December 31, 2018

    Retained in theBusiness35.91%Employees17.24%Shareholders18.53%Government28.32%

  • ANNUAL REPORT 201928


    Market value added statement gives a picture of the Company’sperformance evaluated by the capital market investors through theshare price of the company. This statement depicts the differencebetween the market value of a company and the capital contributedby the investors.

    Higher MVA is better for the company. A high MVA indicates thatcompany has created substantial wealth for the shareholders. Anegative MVA means that the value of

    management’s actions and investments are less than the

    value contributed to the company by the capital market.

    Market Value Added represents the confidence that the

    market places on the future stream of EVAs. The following

    statement shows how MVA has been arrived at for the

    year ended December 31, 2019 and for the period ended

    December 31, 2018.

    Particulars Amount in BDT

    December 31, 2019 December 31, 2018

    Market value of shares outstanding 15,320,432,18615,767,628,484

    Book value of share outstanding 1,340,370,270 1,218,518,430

    Market value added 13,980,061,916 14,549,110,054

    December 31, 2019 December 31, 2018

    Million Taka










    Market Value of shares outstanding

    Face Value of shares outstanding

    Market Value added



    One of the most useful performance measurements to account forthe ways in which business value can be added or lost is EconomicValue Added or EVA. Another term for this metric is EconomicProfit.

    Economic Value-Added is the surplus generated by an entity aftermeeting an equitable charge towards providers

    of capital. It is the post-tax return on capital employed

    (adjusted for the tax shield on debt) less the cost ofcapital

    employed. Companies which earn higher returns than

    cost of capital create value, and companies which earn

    lower returns than cost of capital are deemed harmful for

    shareholder value.

    EVA has been calculated by the following formula:EVA = Netoperating Profit – Taxes – Cost of Capital

    Particulars Amount in BDT

    December 31, 2019 December 31, 2018

    Net operating Profit 1,418,743,312 1,500,664,814

    Provision for taxes 478,963,006 558,636,882

    Net operating Profit after tax (NOPAT) 939,780,306942,027,932

    Charges for capital

    Capital employed 6,317,358,513 5,711,283,569

    Cost of equity (%) 10.97 7.45

    Capital charge 693,014,229 425,490,626

    Economic Value added 246,766,077 516,537,306

    Capital employed

    Shareholder's equity 5,812,339,356 5,039,979,247

    Accumulated provision for doubtful accounts and future losses822,857,899 959,540,524

    Total Capital employed 6,635,197,255 5,999,519,771

    Average capital employed 6,317,358,513 5,711,283,569

  • ANNUAL REPORT 201930

    Nasir A. Choudhury Chairman



    Dear Shareholders,

    I extend a very warm welcome to you all at the 24th AnnualGeneral Meeting (AGM) of the Company. On behalf of the Board ofDirectors, I would like to take this opportunity to express mysincere gratitude to all of you for the cooperation and convictionthat you have placed in us over the years. It is your kindpatronage and active support that have always resulted in thecontinued success for the Company.

    Since inception, DBH has led the private sector investment inthe development of the real estate market of the country. We canclaim with satisfaction that the Company has contributedsubstantially to enhance the home ownership levels of the middleand upper middle income population in the major urban areas of thecountry. The Company strives continually to ensure quality serviceto the clients by catering to their needs and providing effectiveand innovative solutions.

    Against the backdrop of volatility prevailing in the financialmarket owing to rising default and depleting liquidity, DBH hasbeen relatively cautious in its approach during 2019. At the closeof December 31, 2019 the housing loan portfolio of DBH stands atTk. 44.30 billion. However, unlike many other financiers, superiorasset quality continues to be one of the strong holds of DBH. Evenin this challenging macro environment, the non- performing loan(NPL) of DBH remains below half percent. Presently, DBH has fundsunder management in excess of Taka 87.93 billion.

    At the close of December 31, 2019, the profit after tax of theCompany was 1076.99 million. Considering the present marketscenario this is a testament to the fundamental strength of theCompany. The Board has

    recommended 20 percent cash and 15 percent stock dividend out ofprofit for the year ended December 31, 2019. I am pleased to informyou that DBH has retained its highest credit rating of ‘AAA’(triple A) for the 14th consecutive year. As a matter of fact,among all local banks and financial institutions, DBH is the onlyone to have retained the highest credit rating in such aconsecutive manner. This reflects the financial strength andsteadfastness of the Company.

    Real estate sector continues to be one of the driving forces ofthe national economy. According to Bangladesh Bank, the real estateand its related business is projected to contribute 5.20 percent tothe national GDP this year which clearly leaves a scope foroptimization of contribution from this sector. Furtherstrengthening of the real estate sector will reinforce strongbackward and forward linkage, employment generation and economicemancipation. The ongoing infrastructural development initiative ofthe government in the major districts of the country is a steptowards that direction. Capacity enhancement of the road andtransport sector will facilitate expansion of cities and townsbeyond their present boundaries and create scope for development ofthe real estate sector.

  • ANNUAL REPORT 201932

    As a pioneer in the housing finance industry of Bangladesh, DBHhas recognized the need for geographical diversification of thehousing sector. DBH presently operates through a number of branchesand sales offices located in Dhaka, Chattogram, Sylhet, Cumilla,Gazipur, Savar, and Narayanganj. These contact centers of DBH homeloan business operations cater to the gradually increasingclientele living outside metropolitan cities and also play animportant role in establishing a balanced growth in the real estatesector of the Company.

    However, as a specialist housing finance institution we alsofeel the necessity of increased patronage from regulators andgovernment to optimize our competence. Currently under Central Bankregulations Non-Bank Financial Institutions (NBFI) are not allowedto take term deposits shorter than three months whereas scheduledbanks have access to these relatively cheaper funds. Under thecircumstances, to enhance the competitiveness of the NBFI sector,the regulators should rethink this policy and allow NBFIs withsuperior credit rating to intake deposits with a tenure of aminimum of 1(one) month . Moreover, in order to ensure a healthygrowth of the housing sector and encourage the growth of middleincome clientele, the Central Bank should take necessary steps toresume housing refinance scheme to support non- bank financialinstitutions lending in the real estate industry.

    Our key objective for 2020 is to source diversified avenues offinancially viable funding and penetrate unexplored

    areas of business expansion, so that we can move forward withour ultimate mission to strengthen the society of the country bycontinually expanding home ownership. From the macro perspective itmay be added that overall investment scenario seems unsure spurredby volatile domestic financial and capital market, politicalturbulence in the Middle East and recent development of a viralepidemic in China. Therefore, the coming year is set to test uswith periods of challenges from which we will have to unveilavenues of opportunities. However, we have firm faith in ourexpertise and motivation to work harder which will propel us tocross over all the predicaments of future.

    I thank all our Shareholders and my colleagues in the Board ofDirectors for their guidance and support. I also convey my sincereappreciation to the Management and staff of DBH. I am also thankfulto the Bangladesh Bank, Bangladesh Securities & ExchangeCommission (BSEC) and the Registrar of Joint Stock Companies andFirms and the DSE & CSE for their support. We look forward toanother year with hope and confidence.

    Nasir A ChoudhuryChairman



    Dear Shareholders,

    The Directors of Delta Brac Housing Finance Corporation

    Limited have the pleasure of presenting the Directors’

    Report of your Company together with audited accounts

    for the year ended December 31, 2019.

    Macroeconomic Performance of Bangladesh Economy

    Bangladesh’s Strong growth continued in FY19, GDP growth

    in Bangladesh is officially estimated at 8.1 percent inFY19,

    compared with 7.9 percent in FY 18, supported by rising exportsand record remittances. Exports, private investment and privateconsumption boosted by strong remittances supported demand growth.Large and medium-scale manufacturing activities responded thefastest on the supply side, accompanied by broad-based growth inservices, led by wholesale and retail trade. Total factorproductivity growth and capital accumulation contributed tosustaining the 7 percent potential output growth rate of recentyears, as employment transitioned from agriculture to manufacturingand services.

    Inflation remained within the 5.5 percent target. Food inflationdropped to 5.5 percent in FY19 from 7.1 percent the previous year,as bumper rice yields led to falling prices. Non-food inflationincreased from 3.7 percent to 5.4 percent, led by increasingclothing and footwear prices. Non-food inflation may have beendriven by demand pull from the growing output gap (estimated at 1.4percent of potential output in FY19) and cost push from an 8.5percent nominal wage increase in industrial production sectors.

    Broad money growth increased slightly while bank credit growthto the private sector decelerated. Broad money growth rose aspublic sector bank borrowing increased sharply. Private creditgrowth has been constrained by declining deposit growth, US dollarsales by Bangladesh Bank (BB), rising non-performing loans (NPLs),and pressure

    to comply with the 9 percent ceiling on the lending rate.State-owned banks (SOBs) face high NPLs and low capital adequacy.The capital markets offer no alternative, remaining volatile with adownward trend since early 2019.

    The balance of payments was slightly positive in FY19. Thecurrent account deficit narrowed to 1.7 percent of GDP as the tradeand services accounts deficits fell and remittances rose. Thefinancial account surplus fell to USD 5.6 billion in FY19 from USD9.0 billion a year ago as rising FDI was offset by a sharp increasein net trade credit outflows. BB intervention in the foreignexchange market moderated the depreciation of the BDT/USD rate asthe US dollar gained strength in global markets. However, the realeffective exchange rate appreciated by about 5.6 percent, erodingBangladesh’s price competitiveness. To

    Contributions to Growth FY13 FY14 FY15 FY16 FY17 FY18 FY19GDPGrowth 6.0 6.1 6.6 7.1 7.3 7.9 8.1

    Contribution of Production Sectors (%)Industry 2.6 2.3 2.7 3.23.1 3.8 4.2

    o/w Manufacturing 1.8 1.6 1.9 2.3 2.2 2.8 3.2Services 2.9 2.93.0 3.2 3.4 3.2 3.3Agriculture 0.4 0.7 0.5 0.4 0.4 0.6 0.5Importduty 0.1 0.2 0.3 0.2 0.3 0.3 0.2

    Contribution of Expenditure Components (%)Consumption 3.8 3.14.3 2.4 5.1 7.8 4.0

    Private consumption 3.5 2.7 3.8 2.0 4.7 7.0 3.5Governmentconsumption 0.3 0.4 0.4 0.4 0.4 0.8 0.5

    Investment 1.6 3.0 2.2 2.8 3.3 3.5 2.8Private Investment 0.4 2.21.5 2.5 2.0 2.2 1.9Government Investment 1.2 0.8 0.8 0.3 1.3 1.30.9

    Trade Balance 0.2 0.4 -1.3 1.9 -0.9 -3.6 1.3Exports, goods &services 0.5 0.6 -0.5 0.4 -0.4 1.2 2.3Imports, goods & services0.3 0.3 0.7 -1.5 0.5 4.8 1.0

    Statistical discrepancy 0.4 -0.4 1.3 0.0 -0.1 0.2 0.1Source:BBS, Growth in constant terms, National Accounts 2005-06 base

  • ANNUAL REPORT 201934

    offset this competitive disadvantage, the RMG sector has beenprovided with cash subsidies. In non-RMG sectors, which do notbenefit from subsidies, export growth and investment have lagged.In addition to the negative effects on competitiveness, foreignexchange interventions have contributed to the taka liquidityshortage in the money markets. Reserve coverage at the end of FY19was adequate at 5.8 months of imports.

    The fiscal deficit is estimated at 4.6 percent of GDP in FY19,within the budget target of 5.0 percent. The deficit was similar tothe previous year, but the composition of deficit financing shiftedtowards bank borrowing. However, sales of high yielding NationalSavings Certificates exceeded the budget target. The stock of debtrose marginally to 32.8 percent of GDP as both external anddomestic debt levels rose modestly.

    Going forward, the economy is likely to slow, partly due to weakglobal trade. In addition, downside risks include threats from abanking system under strain from a high number of non-performingloans and a high vulnerability to natural disasters such asflooding and cyclones.

    However, the World Bank has cut it economic growth forecast forBangladesh by 0.2 percentage point to 7.2 percent for the currentfiscal year, but the country is still poised to clock in thehighest growth in South Asia.

    Performance of Financial Sector in 2019

    Bangladesh Bank announced for the first time a yearly monetarypolicy instead of a half-yearly one, lowering drastically theprivate sector credit growth target while raising sharply thepublic sector credit growth target for the current financial year.Bangladesh Bank (BB) amended the monetary policy for the currentFY20 keeping private sector credit growth target unchanged. Thepolicy, however, increased the public sector credit growth targetto 37.7%. Earlier, the central bank had set the target of credit toprivate sector at 14.80% for the current 2019-20 fiscal year. Asper the revised policy, BB has set net domestic asset target of15.5% instead of 16% for fiscal 2019-20. The policy also increasedthe broad money circulation target to 13% according to the revisedpolicy.

    Liquidity position slightly improved as advance-to-deposit ratio(ADR) decreased slightly. As on September 2019, Advance-to-DepositRatio (ADR) of the overall banking industry stood at 76.6 percentwhich is 0.9 percentage point lower than that of end-June 2019 and0.2 percentage point higher than that of end-September 2018. Toboost up private sector investment, Bangladesh Bank has been

    providing policy supports including special rescheduling policyfor the genuine businesses that are in distress due to unfortunatecircumstances beyond their control.

    The spread between the weighted average interest rate onadvances and deposits of all banks remained unchanged at 3.92percent at the end of November, 2019 as compared to October, 2019.The spread between the weighted average interest rate on advancesand deposits of NBFIs in November 2019 increased to 2.40 percentfrom 2.38 percent of October 2019. The weighted average call moneyrate in the inter-bank money market was 4.50 percent in December2019.

    Mandatory online transactions and rise of source tax on theinterest rate on national savings certificates (NSCs) siphoned bulkof the Private savings to the banking system from NSCs.

    However, the rising government borrowings from the bankingsystem offset the potential easing of liquidity condition emanatedfrom strong deposit growth. Consequently, the ratio of liquid assetexcess of SLR to total demand and time liabilities (TDTL) decreasedto 7.2 in September 2019 from 7.6 percent in June 2019.

    An acceleration in government borrowings led to a significantrise in the interest rates on treasury bills (T-bill) and bonds ofdifferent maturities

    Interest Rate Movement (In Percent)Instruments Sep.18 Sep.19T –Bills: 91 - day 2.23 7.78182 - day 3.41 8.36364 - day 3.54 8.55CallMoney Rate 4.22 5.04Lending Rate (All Banks) 9.54 9.56Deposit Rate(All Banks) 5.27 5.65NSD Certificate: 3 - year 11.04 11.045 - year11.76 11.76

    BB has taken a decision to provide temporary liquidity supportto the scheduled banks to enhance their investment in the capitalmarket which will contribute to develop the capital market. Bankswill get such liquidity support through Repurchase Agreement (repo)mechanism.

    Banks are permitted to invest 95 percent of the value of thetreasury bills and bonds in their own portfolios or the portfoliosof their subsidiaries as loan. For this purpose fresh beneficiaryowner account is needed. Banks will have to comply with theprovision of their exposure limit in


    the capital market, i.e., 25 percent & 50 percent ofeligible capital on solo and consolidated basis respectively.

    The asset size of the banking sector reached BDT 15,744.4billion at end-September 2019; the asset growth in the precedingquarter was 4.4 percent. The growth in assets in July 2019–September 2019 could primarily be attributed to the decelerationin private sector credit growth during this period. Theassets-to-GDP ratio stood at 62.1 percent at end-Sep 2019, whichwas 61.0 percent at end-June 2019.

    At end-September 2019, gross non-performing loan (NPL) ratioreached at 12.0 percent which was 11.7 percent at end-June 2019.This minor rise in NPL ratio could partially be attributed to highNPL ratio of SCBs and DFIs. Decline in asset quality of a few PCBsand FCBs, compared to end-June 2019 also pushed up the gross NPLratio during the period July 2019 – September 2019 as the ratioremained mostly unchanged for SCBs and DFIs. Net NPL ratio stood at3.7 percent, which was 2.5 percent at end-June 2019. Despitemaintaining a large volume of loan loss provisions against therising NPLs, its adverse impacts on banks profitability and capitaladequacy remain as a concern from financial stabilityviewpoint.

    Gross NPL Ratios by Type of Banks (In Percent)Type of BanksSep.18 Sep.19

    State Owned Commercial Banks 31.2 31.5

    Specialized Banks 21.7 17.81

    Private Commercial Banks 6.7 7.43

    Foreign Commercial Banks 7.1 6.01

    All Banks 11.5 11.99

    Banking sector capital to risk-weighted assets ratio (CRAR)slightly decreased in July 2019 – September 2019 with respect tothat of the previous quarter. Still, 32 banks out of 57 were ableto maintain minimum capital conservation buffer.

    Capital to Risk Weighted Asset Ratios by Types of Banks (InPercent)Type of Banks Sep.18 Sep.19

    All Banks 10.9 11.6

    Non-Bank Financial Institutions (NBFIs), have been playing acrucial role by providing additional financial services that is notusually provided by the banks.

    At end-September 2019, total assets/liabilities amounted to BDT865.8 billion, slightly lower than the end-June 2019 figure of BDT867.8 billion. At end-September 2018, total assets/liabilities wasBDT 849.0 billion. Hence, the industry

    experienced a descent growth of 2.2 percent onSeptember-to-September basis. During this period, total assets (andliabilities) of 14 FIs increased while 19 FIs experienced a declinein their asset portfolios.

    FIs’ classified loans and leases significantly decreased by 6.6percent in July 2019- September 2019 from that of the previousquarter. It stood at BDT 68.4 billion at end-September 2019, whichwas BDT 73.2 billion at end-June 2019. The ratio of classifiedloans and leases declined to 10.4 percent at end-September 2019,which is 0.6 percentage point lower than that of the previousquarter, and 0.8 percentage point lower from that of September2018.

    The Return on Assets (ROA) and Return on Equity (ROE) stood at0.5 percent and 3.9 percent respectively in July 2019 – September2019 compared to 0.2 percent and 1.8 percent respectively recordedin the last quarter and 0.6 percent and 4.7 percent respectively inthe same quarter of 2018. Bangladesh Bank has also designed stresstesting techniques to determine the situations of differentfinancial institutions under which four risk factors- credit,interest rate, equity price and liquidity - are analyzed. Atend-September 2019, out of 33 FIs, 4, 19 and 10 were positioned inGreen, Yellow, and Red zones respectively on the basis of stresstest results.

    Bangladesh Bank (BB) took a number of initiatives during theyear, which have implications to domestic financial systemstability. During the year, some of the important initiatives,taken by Bangladesh Bank, were instructions for close monitoring ofbanks’ classified loan accounts amounting to BDT 100 crore andabove, revision of maintenance of CRR and SLR for offshore bankingoperations in Bangladesh, refixation ofadvance/investment-to-deposit ratio to be maintained by banks,temporary liquidity support for investment in capital market bybanks, agricultural loan facility for the flood affected farmers,refixation of the maximum limit of borrowing from the call moneymarket for financial institutions, imposition of transaction limitfor e-wallet operated by Payment Service Provider (excluding MFS),redefining cottage, micro, small and medium enterprise (CMSME) tofacilitate financing in CMSME, and modifications in various foreignexchange regulations to smoothen the foreign exchange market inBangladesh, among other issues.

    Real Estate Industry Outlook and Possible Fu-tureDevelopment

    The year 2019 started with renewed hope for the real estatesector. The realtors expected good sales growth in

  • ANNUAL REPORT 201936

    the backdrop of political stability and positive economic growthoutlook. But for the real estate sector, that did not materializeand realtors’ expectation about good level sales growth in 2019remained unfulfilled. The existing price level of the apartments isstill unaffordable for middle income clients. The tight liquiditysituation and high interest rate prevailed during the year alsomade the loans costly for the potential customers. There was ageneral expectation that the high registration cost would bereduced, but apart from small changes in stamp duty, theregistration cost still remained at a very high level. Moreover,the price of raw materials, particularly the price of rod andcement went up during the year. As a result, the price level ofapartments increased further and had negative impact on sales.

    On the positive side, the secondary market took a shape inrecent years. In addition to individual brokers, some institutionalbrokers also entered the field and they brought lots of customersunder their platform. More and more transactions took place forused apartments compared to new apartment sales, as customers foundthe price of used apartments relatively affordable compared to theprice of the new apartments. But the high registration cost actedas a hindrance for the growth of secondary market.

    The cost of fund of Banks and Financial Institutions increasedsignificantly during the year. So their profit margin reducedduring the year. Many banks and FIs paid double digit interests ontheir Fixed Deposits throughout the year. NBFIs are not allowed toopen current/savings account, their source of fund is either publicdeposits or bank borrowings. As the rate of fixed deposit went up,their cost of fund increased sharply, in many cases much higherthan most of the banks. As a result, NBFIs found it difficult tocompete with good banks with their loan products.

    Government introduced housing loan scheme for its employees.Government Banks and House Building Finance Corp. Ltd. (HBFC) arefinancing these clients under this scheme. The clients are paying10% interest to the government banks and BHBFC and government isreimbursing 50% of client’s monthly interest with their monthlysalary. These loans are fixed rate loans without any refinancingfacility for the lenders, that is once disbursed the rate of theloans cannot be changed. So it is impossible for private banks andhousing finance companies to give loans under this scheme as theircost of fund is variable. Many government employees used to applyat DBH and other private banks/FIs for their housing loans are nowapplying to these government banks and HBFC for housing loans toget the interest subsidy. This is discrimination for the privatesector banks and FIs who had to mobilize funds

    in a competitive way. Giving fixed rate loans is beyond theirreach. Only if government make amendments in the scheme and makethe rate of the clients variable (upward or downward)

    The government directed Bangladesh Bank to liquidate People’sLeasing and Financial Services (PLFS), a non-bank financialinstitution, due to deterioration of its financial health in thelast several years. This is the first liquidation to take place inBangladesh’s financial sector. Previously, two banks - Bank ofCredit and Commerce International (BCCI) and Oriental Bank - thatfaced similar problems were restructured but not liquidated. Thedepositors who kept money at People’s Leasing may not get theirfull money back as most of its outstanding loans are reported to bein default. This created trust issues among depositors, and notonly People’s Leasing but all NBFIs were affected, but it also madedepositors more cautious about placing funds in Banks and FinancialInstitutions with weak fundamentals.

    Product wise Performance

    Performance of Home Loan Operations

    Bangladesh’s socioeconomic condition has been very good sincethe beginning of the year 2019. But the existing price level of theapartments is still unaffordable for middle income clients. Noteverything is looking optimistic for the real estate sector in theupcoming year. The prices of construction materials have beenincreasing for the last few years and there is no sign of thattrend stopping.

    The Private Commercial Banks (PCBs) and Non-Bank FinancialInstitutions (NBFIs) involved with home loans were engaged inintense competition for most of the year. The cost of fund of Banksand Financial Institutions increased significantly during the year.So their profit margin reduced during the year. As expected thehome loan market has negatively influenced our lending figures.Being a housing finance specialist, DBH has forecasted thesituation prudently and focused on extending its base of coreretail clientele while maintaining the asset quality. The Company’shome loan book in housing finance grew at a meager pace of 1.54% toTaka 44.52 billion during the financial year while keeping grossNPL ratio at the level of 0.45% only. During the year, the grossinterest income from the housing finance portfolio stood at Taka5,189.88 million. Many government employees used to apply at DBHand other private banks/FIs for their housing loans are nowapplying to these government banks and HBFC for housing loans toget the interest subsidy. This is discrimination for the privatesector banks and FIs who had to mobilize funds in a competitiveway.


    The disbursement figures remained almost static in 2019 but theCompany has retained its position as the specialist housingfinancier with the largest market share in making newdisbursements. Total approvals during the year stood at Taka8,933.90 million as against Taka 8,632.15 million in the precedingtwelve months. Total disbursement has increased by 1.48% and at theend of FY 2019, the net figure was Taka 9,583.44 million as againstTaka 9,443.74 million in the preceding twelve months. During theyear under review, a total of Taka 9,266.40 million was received byway of repayment of principal on loans through monthly installmentsand redemption ahead of schedule. Gross non-performing loans as ofDecember 31, 2019 have been fully provided for, as required byBangladesh Bank, DBH has a loan loss reserve amounting to 1% ofunclassified outstanding loans.

    Performance of Deposit Portfolio

    Over the years DBH has established itself as one of the leadingdepository institution in the industry. The company has earned thetrust of the clients by providing transparent & qualityservice. DBH has kept its focus on deposit collection as its mainsource of funding mechanism. As a result DBH has managed to fundover 80% of its home loan operations through deposit. At presentthe Company offers a diverse deposit product line including AnnualIncome Deposit, Monthly Income Deposit, Quarterly Income Deposit,Cumulative Deposit, Flexible Fixed Deposit, Easy Way Deposit,Children’s Deposit, Easy Home Deposit, DBH Platinum Deposit andDay-wise Deposit. In compliance to the regulations of BangladeshBank the minimum tenure of the deposits is three months. Theseproducts are targeted towards various customer segments comprisingof retail and corporate clientele.

    At the close of December 31, 2019 the deposit portfolio of DBHstands at Taka 43,411.28 million with an interest payable worthanother Taka 1,485.76 million. As the deposit portfolio experienceda growth of 0.21% in FY 2019, gross amount of interest payable onthe DBH deposit products have also been increased when compared tothat of preceding twelve months.

    DBH also provides loan against deposits (LAD) to cater to itscustomers’ urgent financial need. As of December 31, 2018, the LADportfolio of DBH stood at Taka 167.92 million.


    Default loan has dogged into the country’s bank & FI sectorthat halts the overall economy to grow and deprives honestborrowers to collect required funds. And, for the rise of

    default culture, Banks & FIs are losing out revenues andneed to make provisioning against the bad loans from income. Theratio of classified loans and leases of FIs declined to 10.4percent at end-September 2019, which is 0.6 percentage point lowerthan that of the previous quarter, and 0.8 percentage point lowerfrom that of September 2018.

    Classified loan of DBH reached to BDT 202 Million with NPL ratioof 0.45% at the end of 2019. While aggregate NPL ratio for bothBanks and FIs has gone up, DBH has been successful to restrain theincrease to a minimum level. Needless to say, this is by far thebest figure in Bank & FI industry. Credit goes to company’smanagement, showing company’s commitment to its stakeholders.Special recovery team of the company played contributory role toget that figure with their all-out effort for recovery of loans.Intense follow-up and proper monitoring through frequent customervisits are the keys to efficient and effective recovery system.

    Funding Operations

    Being one of the largest non-bank depository institutions of theindustry, the funding composition of the Company has remainedsignificantly reliant on the deposit portfolio. Presently DBH’sdeposit product line consists of Annual Income Deposit, MonthlyIncome Deposit, Quarterly Income Deposit, Cumulative Deposit,Flexible Fixed Deposit, Easy Way Deposit, Children’s Deposit, EasyHome Deposit, DBH Platinum Deposit and Day- wise Deposit. Theseproducts are tailored to meet the diversified needs of our retailand corporate client base. The deposit portfolio of the Company hasstood at Taka 43,411.28 million.

    The funding of our company comprises of both long term and shortterm sources of fund to manage our cost of fund efficiently. Theterm loan portfolio of DBH consists of funds received under HousingLoan Refinance Scheme of Bangladesh Bank worth Taka 1,954.25million and term loans received from local markets worth Taka3,495.00 million. Apart from that the shareholder’s contribution inthe funding mix is Taka 5,812.34 million. The Company iscontinuously striving to source diversified avenues of funding tominimize its cost as well as asset- liability maturity &interest rate mismatch in the balance sheet.

    The funding status of DBH as of December 31, 2019 is presentedbelow:

    Source Amount in Million TakaDeposits 43,411.28Term loans5,449.25Equity 5,812.34Bank overdraft and call loan 1,602.09

  • ANNUAL REPORT 201938

    Treasury Operations

    Money market continued to be liquid round the year compared to2018. Despite facing severe instability in the market, we were ableto make significant contribution to the company’s profitability,risk mitigation and liquidity management in the year and were ableto generate positive return for the stakeholders.

    In DBH, Treasury acts as a catalyst between the core functionsof housing finance & deposit mobilization. Amidst all thesechallenges, the ALM concentration of the company was to source lowcost deposit from the market to fund the loan portfolio andmaximize spread through exploring new opportunities. It is thepolicy of the Company to maintain adequate liquidity at all times.Liquidity risks are managed on a short, medium and long term basis.There are approved limits for loan to fund ratio, maximum balanceswith other banks and borrowing from call money market to ensurethat loans and investments are funded by stable sources, maturitymismatches are within limits and that cash inflow from maturitiesof assets, customer deposits in a given period exceeds cash outflowby a comfortable margin even under a stressed liquidityscenario.

    Bangladesh Bank (BB) took a number of initiatives during theyear, which have implications to financial system stability. One ofthe important initiatives taken by BB was revision of maintenanceof CRR and SLR for offshore banking operations in Bangladesh. Themagnitude on the bank’s OBU for managing this additional liquiditywould be challenging. The spread between the weighted averageinterest rate on advances and deposits of all banks remainedunchanged at 3.92 percent at the end of November, 2019 as comparedto October, 2019. The spread between the weighted average interestrate on advances and deposits of NBFIs in November 2019 increasedto 2.40 percent from 2.38 percent of October 2019. The weightedaverage call money rate in the inter-bank money market was 4.50percent in December 2019.

    Treasury of DBH actively managed the liquidity gaps by managingthe flow of assets and liabilities under strict regulatoryrequirements. The treasury department reorganized the funding mixand steadily shifted its objective towards attaining stableliquidity during 2019. During the year, with a view to costminimization as the key objective, the treasury wing focused onsourcing long term funds and term deposits from the public toreplace the interbank funds and also accessed fund from theovernight market to reduce overall cost of fund and enhancetreasury

    income. The treasury department contributed a significantportion of the interest income through investment activities duringthis period. Throughout the year the treasury department maintaineda well-balanced liquidity position of the company by adhering tothe rules and regulations of the Central Bank.

    Investments in Securities

    The market remained bearish throughout 2019. DSEX - thebenchmark free float weighted market index - lost 17.3% in 2019,following price return of negative 13.8% in 2018. Liquidity crunch,corporate governance issue and other negative developments in thebanking industry, overvalued currency and regulatory issues had anadverse effect in the capital market. Turnover also slowed downsignificantly with decreasing participation from both retail andforeign investors.

    Liquidity issue worsened at the beginning of the year whichbrought down total turnover of the market after January. Even afterimprovement in the liquidity situation after the budget of 2019-20,turnover didn’t improve due to poor investor confidence. Theoverall earnings of the market went through a slowdown because ofslow export and low private sector credit growth. Investorconfidence in the market was further shaken by deterioration ofasset quality of the banks and regulatory restrictions onGrameenphone, the largest stock in the market.

    Net foreign investment stood at negative BDT 3.8 bn in 2019compared to negative BDT 5.9 bn in 2018.

    Considering the market conditions, we followed wait and seepolicy and the performance of our portfolio was tiny better thanthe overall DSEX performances. The total investment of the Companyreached down to Tk. 462.11 mn from Tk. 607.82 mn at the end of2019, out of which outstanding investment in marketable securitieswas Tk. 361.53 mn. Income from total investment of the Company wasTk. 26.83 mn in 2019.

    Human Resources

    DBH believes that its best investment is in the human resources,as the Company believes that human resource is the edifice on whichthe company’s performance and productivity are standing on. Ashuman resources are one of the key success factors of the company,DBH maintains its policy of recruiting the very best andimplementing continuous programs to develop, motivate and retainits talented and capable human resources.


    DBH’s commitment towards maintaining a fair and healthy workingatmosphere binds it upon keeping an unbiased/impartial approach inall its scope that is, free from all kinds of discrimination basedon gender, age, race, national origin, religion, marital status, orany other basis not prohibited by law. This maximizes efficienciesat tasks and helps employees reach their full potentials.

    A separate report on human resources has been presented on pageno. 102 of this report.

    Information Technology

    Information Technology is consistently changing the way we liveand do businesses. Business process automation enables fastertransaction processing, customer service and better decisionmaking. Since inception, DBH implemented a cost-effective andefficient centralized software system which is being enhanced andre-engineered time-to-time as per business needs. Our ICTinfrastructure is being monitored and well-maintained for maximumavailability with security.

    In the year 2019, we have implemented an additional disasterrecovery site (Data Guard server) near to our data center and NIDVerification system. Also VAT management system has beenimplemented to comply with the regulatory requirement.

    The IT management in DBH actively reviews ICT policies, securityand risk management measures and system up-gradation needs

    Internal Control system

    DBH has adequate system of internal controls for businessprocesses, with regard to operations, financial reporting, fraudcontrol, compliance with applicable laws and regulations, etc.These internal controls and systems are devised as a part of theprinciples of good governance and are accordingly implementedwithin the framework of proper check and balances. Your Companyensures that a reasonably effective internal control frameworkoperates throughout the organisation, which provides assurance withregard to safeguarding the assets, reliability of financial andoperational information, compliance with applicable statutes,execution of the transactions as per the authorisation andcompliance with the internal policies of the Company.

    The internal audit adopts a risk based audit approach andconducts regular audits of all the branches/offices of the Companyand evaluates on a continuous basis, the adequacy and effectivenessof the internal control mechanism,

    adherence to the policies and procedures of the Company as wellas the regulatory and legal requirements. The internal auditdepartment places its findings before the Audit Committee of theBoard of Directors at regular intervals. The Audit Committee of theBoard of Directors actively reviews the adequacy and effectivenessof internal control systems and suggests improvement forstrengthening the control systems according to the changingbusiness needs from time to time.

    Codes and Standards

    The Company has adopted various codes, standards and policiesset out by Bangladesh Bank and Bangladesh Securities and ExchangeCommission including inter alia Know Your Customer (KYC)Guidelines, Anti Money Laundering Guideline, Asset Liabilitymanagement Guideline, Code of Conducts for employee as well as theDirectors, HR Policies, IT Policies and Treasury Manual etc.

    The Company has the mechanisms in place to review and monitoradherence to these codes and standards and ensure reporting andcompliances as required.

    Credit Rating

    Delta Brac Housing Finance Corporation Limited with its strongfundamentals has earned the highest credit rating award for the 14(fourteen) consecutive years. Emerging Credit Rating Limited (ECRL)reaffirms AAA in the long term and ST-1 in the short term rating ofDelta Brac Housing Finance Corporation Limited in its latest entityrating done based on the Company’s accounting year ended on2018.

    Key operating and financial data of at least last preceding 5(five) years

    Key operating and financial data of last preceding 5 (five)years has been presented under the heading of Operational andFinancial Highlights on the page no. 22 of this annual report.Financial Highlights as required by Bangladesh Bank has also beengiven on page no. 23 of this report.

    Contribution to National Economy

    At DBH we believe that we have some responsibilities to thedevelopment of country where we operate our business and to thesociety where we belong. As a financial institute, DBH contributesto the economic prosperity by providing financial products andservices to housing sector. Our total credit exposure as onDecember 31 2019 amounts to Tk.44,522 Million. We have extendedloan to around 18,839 customers to meet their housing need, whichis one of the basic needs of people.

  • ANNUAL REPORT 201940

    DBH contribute to the national exchequer in the form income tax,VAT & Excise duty. Company’s contribution to the nationalexchequer is given below.

    Taka in Million

    Particulars December 31, 2019December 31, 2018

    Income Tax paid on company’s income

    566.17 499.48

    Tax collected at source on behalf of Government

    472.00 395.22

    Value Added Tax (VAT) 41.56 32.50

    Excise Duty 56.71 49.24

    Total 1,136.44 976.44

    Creating employment has a vital impact on the economy and numberof employees of DBH as on December 31, 2019 is 249. Efficientworkforce is very important for the organization as we as for thecountry. Keeping same in view, DBH has spent Tk.0.70 million fortraining of its employees. During the period from January 1, 2019to December 31, 2019, DBH has paid Tk.352.61 million as salariesand allowances to its employees.

    Contribution to the society during the year

    DBH’s responsibilities to the society are manifested in itsactivities, as a responsible corporate citizen, through itscontinuous effort to promote ownership of housing, wealth creationand also towards the improvement of the underprivileged of thesociety.

    Corporate Social Responsibility policy of the Company wasapproved by the Board of Directors in line with the BangladeshBank’s Guidelines on CSR with a view to engage the institution intoa broad range of direct and indirect CSR activities includinghumanitarian relief and disaster response as well as to widening ofadvancement opportunities for disadvantaged population segments inthe areas of healthcare, education and training as well as greeninginitiatives etc.

    Consequently, during the period we took few projects under CSRfund for the common good of the disadvantaged populationsegments.

    The details of the CSR initiatives have been presented under thehead of Corporate Social Responsibility on the page no. 91 of thisreport.

    Highlights on Financial Performance

    (Figures in Million Taka)

    Particulars December 31, 2019December 31, 2018

    Operating revenue 6,583 6,058Interest expenses 4,6424,062Operating expenses 524 495Profit before provisions 1,4191,501Profit before tax 1,556 1,607Net profit after tax 1,0771,048

    Corporate and Financial Reporting Framework

    The Members of the Board, in accordance with the BangladeshSecurities & Exchange Commission’s Notification no. BSEC/CMRRCD/ 2006-158/ 207/ Admin/ 80 dated June 3, 2018; confirmedcompliance with the financial reporting framework for thefollowing:

    The financial statements prepared by the Management of DBH,present fairly its state of affairs, the result of its operations,cash flows and changes in equity.

    Proper books of account of the issuer company have beenmaintained.

    Appropriate accounting policies have been consistently appliedin preparation of the financial statements and that the accountingestimates are based on reasonable and prudent judgment.

    International Accounting Standards (IAS)/ InternationalFinancial Reporting Standards (IFRS), as applicable in Bangladesh,have been followed in preparation of the financial statements andany departure therefrom has been adequately disclosed.

    The system of internal control is sound in design and has beeneffectively implemented and monitored. (Statement given on page no.85)

    The minority shareholders have been protected from abusiveactions by, or in the interest of controlling shareholders actingeither directly or indirectly and have effective means ofredress.

    There are no significant doubts upon the issuer company’sability to continue as a going concern.

    Going Concern

    The financial statements of the Company have been prepared on agoing concern basis, which contemplates the realization of assetsand the satisfaction of liabilities in the normal course ofbusiness. The Board of Directors of DBH has made annual assessmentabout whether there


    exists any material uncertainty which may cast significant doubtupon the Company’s ability to continue as a going concern,including review of budget and future outcome of inherentuncertainties in existence.

    Based on the different indications, Directors feel itappropriate to adopt going concern assumptions and no materialuncertainty exists in preparing the financial statements.

    A separate report on the matter is given on page no. 99.

    Explanations on Significant Deviations from the last year’sresults

    DBH as a pioneer housing finance Company, mainly finances inmortgage sector and its earnings performances are historicallygrowing in each year. During the year 2019 net profit after tax ofthe Company has grown by 2.78% than that of last year. Hence, nosignificant deviations have occurred in the current year’soperations from that of last year’s operations.

    Board Meetings and Attendance by the Directors

    Attendance by the Directors in the Board have been summarizedand given in Annexure-i and the fees paid to them for attending theBoard Meeting during the period has been given in Annexure-ii ofthis report.

    Shareholding Pat

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