Annual Report 2008 of Brac Bank Limited

It is a broadly described annual report of Brac Bank Limited in the year of 2008. In 2008, despite the challenge in the economic arena, the bank grew its assets by 56.18% and deposits by 54.70% while the industry growth was 16.03% in deposit and 18.84% in assets. The Bank earned Taka. 3.173 billion operating profit in 2008 which is 63.14% higher than the previous year. The banks’ net income stood at Taka. 973.45 million which is 57.43% higher from the last year. In 2008 the banks’ EPS stood BDT 62.30 and in 2007 it was BDT 42.30. The growth rate is 47.28%. Remittances in 2008 stood higher at US$8,979.00 million against US$6,557.81 million in 2007. This was, however, higher by US$2,421.19 million or 36.92 percent against US$6,557.81 million in 2007. Earnings per share stood at Tk. 62.30 as on December 31^st, 2008 compared to Tk. 42.30 at the end of the previous year which is restated because of issuance of bonus shares during the year.

The Board of Directors perused a dividend policy that makes a continuous effort to uphold and protect the interest of the Shareholders. Accordingly, the Board has recommended 30% Stock dividend for the year ended 31^st December 2008 subject to the approval of the 10th Annual General Meeting. These financial statements are presented in Bangladesh Taka (Taka/Tk/BDT) which is the company’s functional currency. All financial information presented in Taka has been rounded off to the nearest Taka.

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